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Bank of America Conventional & Community Home Loans

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About Bank of America Mortgages & Home Loans

The Bank of America Conventional & Community Home Loans from Bank of America is one of the top-rated Mortgages & Home Loans options evaluated on MoneyCompared, earning an overall product score of 9.3/10. Comprehensive home mortgage offering up to $17,500 in combined down payment and closing cost grants (America's Home Grant + Down Payment Grant) plus Preferred Rewards fee reductions.

Key highlights include 6.350% - 6.850% APR (30-Year Fixed), a fee structure of Up to $600 Origination Fee Reduction w/ Preferred Rewards, and Up to $10,000 Down Payment Grant + $7,500 Closing Cost Grant. Accounts are backed by Equal Housing Lender and supported by Bank of America's 4.8 / 5.0-rated digital banking experience.

Features

Annual Fee	Up to $600 Origination Fee Reduction w/ Preferred Rewards
Regular APR / Rate	6.350% - 6.850% APR (30-Year Fixed)
Intro Offer / Welcome Bonus	Up to $10,000 Down Payment Grant + $7,500 Closing Cost Grant
Savings APY / AER	Fixed, ARM, FHA, VA, Jumbo & Medical Professional Loans
Minimum Deposit	3% Down Payment Minimum
Foreign Transaction Fee	N/A (U.S. Real Estate)
Deposit Insurance	Equal Housing Lender
Mobile App Rating	4.8 / 5.0
Overall Rating	9.3 / 10

About Product

Annual / Monthly Fee: Up to $600 Origination Fee Reduction w/ Preferred Rewards
APR / APY Rate: 6.350% - 6.850% APR (30-Year Fixed)
Intro Offer / Bonus: Up to $10,000 Down Payment Grant + $7,500 Closing Cost Grant
Key Benefits: Fixed, ARM, FHA, VA, Jumbo & Medical Professional Loans
Minimum Requirement: 3% Down Payment Minimum
Foreign Transaction Fee: N/A (U.S. Real Estate)
Protection: Equal Housing Lender

Pros

Rate / APR / APY: 6.350% - 6.850% APR (30-Year Fixed)
Fee Structure: Up to $600 Origination Fee Reduction w/ Preferred Rewards
Welcome Offer / Benefit: Up to $10,000 Down Payment Grant + $7,500 Closing Cost Grant
Rewards & Highlights: Fixed, ARM, FHA, VA, Jumbo & Medical Professional Loans

Cons