Do you bank with Bank of America?
You could qualify for a mortgage loan and here is what you will need.
Bank of America Mortgage
To qualify for a mortgage with Bank of America this is what you will need:
For starters, you must have a FICO credit score of at least 620, a maximum debt-to-income ratio of 43 percent and a down payment of at least 5 percent to qualify for a conventional mortgage with Bank of America. Other loan products have different requirements:
- FHA loans: Minimum 640 FICO credit score, a minimum 3.5 percent down payment, maximum 55 percent debt-to-income ratio
- VA loans: Minimum 660 FICO credit score, no down payment required, maximum 41 percent debt-to-income ratio
- Jumbo loans: Minimum 680 FICO credit score, minimum 10.01 percent down payment, maximum 43 percent debt-to-income ratio
- HELOC: Minimum 660 FICO credit score, no down payment required, debt-to-income ratio requirement varies
Types of mortgage loan options with Bank of America include:
- Conventional loans
- FHA loans
- VA loans
- Jumbo loans
- 5/1, 7/1 and 10/1 ARMs
- Mortgage refinancing
- Mortgage with no down payment (VA loans)
- Home equity lines of credit
When it comes to fees associated with a mortgage loan typically, banks offer better rates and terms over using a mortgage broker.
While Bank of America doesn’t disclose their mortgage loan fees. A perk for getting a mortgage loan with Bank of America is that for a home equity line of credit product, they don’t charge closing costs and there is no annual fee, balance transfer or cash advance fees!
Bank of America reduces mortgage origination fees by $200 to $600 for qualifying Preferred Rewards clients. Preferred Rewards home equity line of credit clients may be eligible for a 0.125 to 0.375 percent interest rate discount depending on their Preferred Rewards tier.
There is one catch, you must have at least $20,000, $50,000 or $100,000 in qualifying combined balances with Bank of America deposit or Merrill Lynch investment accounts to qualify for their Preferred Rewards program.