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  Bank of America Home Loans

Bank of America Home Loans

in Home Purchase Mortgages from Bank of America

Unaffiliated

Bank of America Home Loans

Unaffiliated

in Home Purchase Mortgages from Bank of America

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Highlights
Highlights
Community Rating

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APR 3.25% - 4.6%
Loan Amount $60,000 - $5,000,000
Loan Term 15 - 30 years

Bank of America Home Loans Review

Where does Bank of America Home Loans do business?

Bank of America Home Loans is based in Charlotte, NC. The company was founded in 1784 and offers mortgages to borrowers in 50 states (and Washington, DC).

How much can you borrow via Bank of America Home Loans?

Bank of America Home Loans allows borrowers to apply for loan amounts of up to $5,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with Bank of America Home Loans?

Bank of America Home Loans offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What range of rates does Bank of America Home Loans offer?

Bank of America Home Loans offers home loans with APRs starting at 3.25% and up to 4.6%.

Does Bank of America Home Loans charge a mortgage origination fee?

Yes, Bank of America Home Loans may charge a loan origination fee starting at 2% of the loan amount.

What mortgage programs does Bank of America Home Loans offer?

Bank of America Home Loans offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • Jumbo: Any mortgage with a loan amount above the conforming loan limits set by Fannie Mae and Freddie Mac. As of 2018, the jumbo threshold is $453,100 in most of the United States.
  • Conforming: Mortgages that meet the loan requirements of Fannie Mae and Freddie Mac. These have fixed rate terms of 10 to 30 years and adjustable rate terms ranging from 3 to 10 years. Down payments as low as 5%.
  • VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What property usage types does Bank of America Home Loans allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Bank of America Home Loans allows the following property usage types: 

  • Primary home
  • Secondary homes and vacation properties
  • Investment properties and house flipping projects
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Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee Starting at 2%
Minimum Age 18
Credit Score Range 620 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Property Type
  • Manufactured/Mobile Home
  • Multi-Family Home
  • Single Family Home
  • Townhome
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Recent Bank Statements
  • Recent Pay Stubs
  • Social Security Number
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Primary Residence  
Investment  
House Flipping  
Loan Amount $60K - $5M
Loan Term 15 - 30 years
APR 3.25% - 4.6%

Bank of America Home Loans Community Reviews

 

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