Lender review
Old National Bank review: what Michigan borrowers should know
Old National is a Midwest regional bank with actual banking centers in Michigan, making it a rare big-bank option that offers in-person service statewide. It runs its own down-payment-assistance programs, including Launch DPA, for eligible buyers. Product menu is solid if light on USDA, and pricing is handled the traditional loan-officer way.
Best for: michigan buyers wanting a midwest bank with down-payment assistance
Best fit: buyers who value face-to-face service plus real DPA
- Headquarters
- Evansville, IN
- Founded
- 1834
- NMLS
- #459308
- Min. credit score
- 620
- Min. down payment
- 3%
- MSHDA MI Home Loan
- Approved lender
What works
- Physical banking centers inside Michigan for in-person help
- Proprietary down-payment-assistance programs (ONB DPA, Launch)
- Community-focused lending for lower-income neighborhoods
What to watch
- USDA availability is limited compared to full-service peers
- Rates not posted; must speak with a loan officer
- Regional footprint means less scale than national lenders
The full picture on Old National Bank
Old National pulls off something most big regional banks in Michigan can't: it actually staffs banking centers inside the state, so in-person help is real rather than theoretical.
Down-payment assistance is the draw
The bank runs proprietary programs, including Launch DPA, aimed at eligible and lower-income buyers, alongside community-focused lending in overlooked neighborhoods.
A solid but not exhaustive shelf
USDA availability is limited compared with full-service peers, which pinches rural buyers, and rates come only through a loan officer.
Its regional footprint means less raw scale than a national lender. Still, the face-to-face service plus real DPA is a rare, welcome combination.
Loan programs at Old National Bank
Which core Michigan loan types Old National Bank offers, with the typical minimum down payment for each program. Program floors are industry standards — Old National Bank'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 Old National Bank's credit bar sits
Old National Bank'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.
| Old National Bank | Michigan median* | |
|---|---|---|
| Editorial score | 3.9 / 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: Mr. Cooper Newrez Guild Mortgage This week's Michigan rates
Old National Bank: frequently asked questions
What credit score do you need for a Old National Bank mortgage?
Old National Bank 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 Old National Bank sell my mortgage after closing?
It may. Many lenders sell the servicing rights to a loan after closing, so ask Old National Bank directly whether it retains servicing or transfers it — your rate and terms won't change either way.
Independent and unpaid — Old National Bank 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 (#459308). MSHDA status reflects the state's MI Home Loan lending-partners list dated June 12, 2026, which changes over time.