Lender review
Bank of America review: what Michigan borrowers should know
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%
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.
The reason to put Bank of America on a Michigan shortlist is grant money, plain and simple. Its Down Payment Grant and America's Home Grant can stack toward roughly seventeen thousand five hundred dollars in assistance for eligible buyers in qualifying areas, and its Affordable Loan Solution allows three percent down with no PMI. For the right first-timer, that combination reshapes the entire cash equation.
Existing customers get a second layer through Preferred Rewards, which converts deposit and investment balances into mortgage rate reductions. A household that already parks savings and a brokerage account at BofA can meaningfully lower its rate, turning a banking relationship it may have half-forgotten into a tangible closing-day advantage.
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. Chase the grants if you qualify, but don't expect a boutique touch along the way.
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
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. The scale below places its 620 minimum among the standard credit bands, beside the 620 median across our 55-lender catalog.
| 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.
How Bank of America's rates and offers compare
Before committing, pull a same-day quote from at least two competitors — pricing gaps of 0.25% are common for identical borrowers. Start with Citizens Bank, NBKC Bank or Old National Bank, then compare Loan Estimates line by line. For context on where pricing lands, check our Michigan rate table.
Bank of America: frequently asked questions
What are Bank of America's mortgage rates in Michigan?
Bank of America doesn't post one rate — like every lender, its pricing turns on your credit score, down payment, loan size and the day you lock. It doesn't publish live rates online, so you'll need to request a personalized quote. The reliable move: pull a written Loan Estimate from Bank of America and set it beside this week's Michigan averages in our rate table, comparing on the same day.
Is Bank of America a legitimate mortgage lender?
Yes. Bank of America is a licensed mortgage lender registered under NMLS #399802 and lending since 1904. Anyone can verify that number, and the company's complaint record, at NMLS Consumer Access. We score it 3.8/5 for Michigan borrowers in a review no lender can buy into.
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. Individual overlays can push that higher, so 620 is the opening bid, not the final word.
Does Bank of America offer FHA, VA and USDA loans?
Bank of America offers FHA and VA loans to Michigan borrowers. It does not currently offer USDA loans — buyers who need that should compare a lender that does. Its complete Michigan lineup is Conventional, FHA, VA, Jumbo.
Does Bank of America lend in Michigan?
Yes. Although Bank of America is headquartered in Charlotte, NC, it is licensed to lend in Michigan and actively originates purchase and refinance loans across the state, from metro Detroit to the Upper Peninsula.
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 2026-07-01 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#399802).