Lender review
Bank of America review: what Michigan borrowers should know
Bank of America lends across Michigan and stands out for grant money: its Down Payment Grant and America's Home Grant can stack to roughly $17,500 in assistance for eligible buyers. Preferred Rewards members get rate discounts. The tradeoff is big-bank bureaucracy and no USDA option, plus service that can feel processed rather than personal.
Best for: first-time buyers chasing down-payment and closing-cost grants
- Headquarters
- Charlotte, NC
- Founded
- 1904
- NMLS
- #399802
- Min. credit score
- 620
- Min. down payment
- 3%
- MSHDA MI Home Loan
- Not on the list
What works
- Stackable grants up to ~$17,500 for qualifying buyers
- Preferred Rewards members earn rate reductions
- Affordable Loan Solution allows 3% down with no PMI
What to watch
- No USDA loans for rural Michigan properties
- Large-bank underwriting is slower and less flexible
- Rate and fee details are gated behind an application
The full picture on Bank of America
The reason to put Bank of America on a Michigan shortlist is grant money, plain and simple. For the right first-timer, its assistance can reshape the entire cash equation.
Stackable grant money
Its Down Payment Grant and America's Home Grant can stack toward roughly $17,500 in assistance for eligible buyers in qualifying areas.
Weigh that against the machinery
There's no USDA option, so rural Michigan parcels fall outside the lineup, and the underwriting carries all the deliberate bureaucracy of a bank this size.
Rate and fee specifics stay gated behind an application, and service can feel processed rather than personal.
Loan programs at Bank of America
Which core Michigan loan types Bank of America offers, with the typical minimum down payment for each program. Program floors are industry standards — Bank of America's own minimums or credit overlays may run higher.
| Loan program | Offered | Typical min. down |
|---|---|---|
| Conventional | ✓ Yes | 3% |
| FHA | ✓ Yes | 3.5% |
| VA | ✓ Yes | 0% |
| USDA | — No | — |
| Jumbo | ✓ Yes | 10–20% |
| Construction | — No | — |
Where Bank of America's credit bar sits
Bank of America's roughly 620 minimum sits in the good credit range. Below, that 620 floor is plotted against the four broad credit tiers and the 620 median for the 55 Michigan lenders we track.
| Bank of America | Michigan median* | |
|---|---|---|
| Editorial score | 3.8 / 5 | 4.0 / 5 |
| Min. credit score | 620 | 620 |
| Loan programs offered | 4 | 5 |
| Michigan-headquartered | No | — |
*Median across the 55 Michigan lenders in our catalog.
Compare: Citizens Bank NBKC Bank Old National Bank This week's Michigan rates
Bank of America: frequently asked questions
What credit score do you need for a Bank of America mortgage?
Bank of America generally looks for a credit score around 620 on its most common loans. Its FHA loans can go lower — often to 580, or 500 with a larger down payment — while conventional and jumbo loans usually want higher scores. That 620 is a floor, not a promise: every lender layers on its own overlays, and approval still turns on your income, debts and the property.
Will Bank of America sell my mortgage after closing?
It may. Many lenders sell the servicing rights to a loan after closing, so ask Bank of America directly whether it retains servicing or transfers it — your rate and terms won't change either way.
Independent and unpaid — Bank of America did not pay for placement. How we score every lender (and where our rate data comes from) is set out in our editorial policy. Figures reflect public information as of 2026-07-16 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#399802). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.