Lender review
Old National Bank review: what Michigan borrowers should know
Best for: michigan buyers wanting a midwest bank with down-payment assistance
- Headquarters
- Evansville, IN
- Founded
- 1834
- NMLS
- #459308
- Min. credit score
- 620
- Min. down payment
- 3%
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.
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. For a buyer who wants to shake a hand and sort a mortgage across a desk, that statewide physical presence sets it apart from the online-tilted regionals crowding the same tier.
Its down-payment assistance is the substantive draw. The bank runs proprietary programs, including Launch DPA, aimed at eligible and lower-income buyers, alongside community-focused lending in neighborhoods that national players often overlook. For households where the down payment, not the monthly, is the barrier, that assistance can be what finally unlocks a purchase.
The product shelf is solid but not exhaustive. USDA availability is limited compared with full-service peers, which pinches rural buyers, and rates come only through a loan officer rather than a posted sheet. Its regional footprint also means less raw scale than a national lender. Still, for Michigan buyers who value face-to-face service plus real DPA, Old National is a rare and welcome combination.
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
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. The marker below sets 620 against the four credit tiers and the 620 catalog median.
| 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.
How Old National Bank'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 Mr. Cooper, Newrez or Guild Mortgage, then compare Loan Estimates line by line. Current market averages are in our Michigan rate table.
Old National Bank: frequently asked questions
What are Old National Bank's mortgage rates in Michigan?
Old National Bank 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 Old National Bank and set it beside this week's Michigan averages in our rate table, comparing on the same day.
Is Old National Bank a legitimate mortgage lender?
Yes. Old National Bank is a licensed mortgage lender registered under NMLS #459308 and lending since 1834. You can confirm that registration and any disciplinary history free at NMLS Consumer Access. In our independent scoring it lands at 3.9/5 for Michigan buyers, with no paid placement.
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. Every lender layers on its own overlays, so read 620 as a floor, not a promise.
Does Old National Bank offer FHA, VA and USDA loans?
Old National Bank 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 Old National Bank lend in Michigan?
Yes. Although Old National Bank is headquartered in Evansville, IN, 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 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 2026-07-01 and can change; the only rate that binds a lender is a written Loan Estimate. Verify the license at NMLS Consumer Access (#459308).