SmartRatesUSA
Mortgage Lender Review🤝 Best Assistance Programs

Bank of America

Bank

30-yr fixed APR around 6.48%. Existing Bank of America customers and buyers eligible for its affordability programs.

At a Glance

30-Yr Fixed APR

6.48%

15-Yr Fixed APR

5.80%

Min. Credit Score

620

Min. Down Payment

3%

Lender Type

Bank

Avg. Closing Time

30–45 days

Key Features

Community Affordable Loan Solution offers no-PMI financing for eligible buyers in select markets

Preferred Rewards program offers a closing cost discount for existing account holders

America's Home Grant provides eligible buyers up to $7,500 in lender credits

Pros & Cons

Pros

  • Multiple down payment and closing cost assistance programs
  • Preferred Rewards discount rewards existing customers
  • Large branch and ATM network

Tradeoffs

  • Assistance programs are limited to specific eligible markets
  • Best pricing tied to maintaining a Bank of America banking relationship

Best for: Existing Bank of America customers and buyers eligible for its affordability programs

Frequently Asked Questions

What credit score do I need for a mortgage with Bank of America?

Bank of America generally works with borrowers around 620+, though the exact rate and approval odds depend on your full credit profile, down payment, and loan program.

What loan types does Bank of America offer?

Bank of America offers Conventional, FHA, VA, Jumbo, Refinance, HELOC. Availability can vary by state and property type, so confirm your specific loan program directly with the lender.

Does Bank of America charge lender fees?

Bank of America charges standard lender fees as part of closing costs — ask for a full Loan Estimate to see the exact breakdown before committing.

Other Mortgage Lenders

Rocket Mortgage

6.75% 30-yr fixed APR

Better Mortgage

6.49% 30-yr fixed APR

Navy Federal Credit Union

6.35% 30-yr fixed APR

Rates shown are illustrative national averages for 2026 and change daily based on market conditions, loan amount, credit score, and property type — always confirm current rates directly with the lender.

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