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BBVA mortgage review
Offers a variety of mortgage products, but they’re only available in 22 states.
finder.com’s rating: 2.8 / 5.0
★★★★★
BBVA has traditional and government-backed mortgage options, plus a list of specialty products, including loans for foreign nationals and borrowers with professional vocations. But the bank is only licensed in 22 states and customer ratings have declined in recent years.
Details
| Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance |
|---|---|
| Minimum credit score | 620 |
| Minimum down payment (Conventional) | 3% |
| State availability | AL, AR, AZ, CA, CO, FL, GA, ID, KS, LA, MA, NM, NV, NY, OH, OK, OR, PA, TN, TX, VA, WA |
| NMLS # | 402936 |
BBVA requirements
Requirements vary based on the type of mortgage loan you want and where you’re purchasing your home. But to be eligible for a home loan with BBVA, general requirements include:
- At least 18 years old
- Minimum personal credit score of 620 for most loan options
- Must be purchasing a home in one of the states where BBVA is licensed
Documentation
Before you apply, have the following information handy:
- Full name and personal contact information
- Social Security number
- Pay stubs from the past 30 days
- Tax returns, W2s and 1099s from the past two years
- Profit and loss statements if self-employed
- List of your assets and debts, such as savings, other investments and outstanding loan amounts
Costs and fees
Fees vary based on your mortgage type and amount, but BBVA has a mortgage calculator to help you estimate costs.
For example, for a $300,000 home with 10% down and a 5% interest rate, you’d pay approximately:
- Origination fee: $1,500
- Appraisal: $300
- Flood certification: $50
- Tax service: $150
- Title services: $350
- Owner’s title insurance: $350
- Government recording fees: $25
- Survey: $175
- Pest inspection: $100
You will also need to pay for home insurance and property taxes.
How to apply for a mortgage with BBVA
The best way to get a home loan with BBVA is to go through the prequalifying process. It takes about 15 minutes and will give you an idea of whether you’ll be eligible for a loan and how much you might qualify for.
- Select Get Started on the BBVA Mortgages page.
- Choose whether you want to purchase, refinance or build a home.
- Fill out the information on the screen and select Continue.
- Step through each page of questions, asking for information about the property, your loan type and your finances. Choose Continue after each one, following the onscreen prompts.
- Find out if you’re prequalified for a home. If you run into any problems, call 888-853-6346.
What types of mortgages can I get through BBVA?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products BBVA offers
A variety of other loans are in the BBVA lineup, including:
- Refinance. Refinance your current mortgage to get a different interest rate or change your loan term.
- Home equity. BBVA allows you to tap into the equity you’ve built up in your house either with a loan or home equity line of credit (HELOC).
- Professional mortgage. Medical residents, doctors, attorneys, oral surgeons, dentists and CPAs can get a jumbo loan with flexible terms, such as a low down payment and no private mortgage insurance.
- Home Ownership Made Easier (HOME). BBVA offers $0 down payment mortgages to qualifying homebuyers who plan to buy a house in a low-income area.
- Renovation loans. Get up to $5 million to renovate a primary or secondary home.
- Construction loans and lot loans. You can get a mortgage to buy an empty lot of land or a construction loan that converts to a permanent loan once the construction is complete so you don’t have to pay closing costs twice.
- HomeReady. This Fannie Mae program lets eligible low- to moderate-income homebuyers purchase a house with as little as 3% down.
- Help for Foreign Nationals. BBVA offers special mortgage services for non-citizen immigrants.
How BBVA’s mortgage products compare to other lenders
In addition to the more traditional loans, BBVA offers a wide variety of specialty loans, including construction loans, low- and zero-down payment loans and a professional mortgage loan program to provide more flexible terms to medical professionals, attorneys and CPAs.
BBVA also offers a $400 closing cost discount on all purchases and refinances of energy-efficient homes.
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BBVA reviews and complaints
BBVA is not an accredited business with the Better Business Bureau (BBB). As of August 2021, it has an A+ rating for responding to over 1,300 customer complaints in the last three years. With 171 customer reviews, the bank scores 1.05 out of 5 stars. BBVA fares no better on Trustpilot, where it has 30 reviews and a TrustScore of 1.7 out of 5 stars.
While most complaints are about its banking services, the mortgage-specific reviews complain of miscommunications between BBVA loan officers that hindered the loan application process. Some BBVA customers had to repeatedly call to follow up on their loan status and criticized BBVA’s disorganized approach to the loan closing process.
Pros
- Big-name institution. BBVA is among the 25 largest banks in the US with operations well outside its Sunbelt headquarters.
- Down payment options. BBVA offers a selection of mortgage products that require low or no down payment.
- Home Ownership Made Easy program. Introduced in 2015, HOME allows qualifying borrowers to finance up to 100% of a home’s value, with BBVA contributing money toward closing costs.
Cons
- Limited availability. If you don’t live in one of the 22 states that BBVA serves, you’ll need to seek financing elsewhere.
- Limited physical branches. While the bank is licensed in 22 states, its physical branches are confined to just seven states: Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
- Mixed customer reviews. While some customers have had great experiences with BBVA employees, others complain about frustrating customer service. But most of the bank’s negative reviews address issues with deposit accounts, not mortgages.
What is BBVA?
Founded in Alabama in 1964, BBVA — formerly BBVA Compass — has grown to become one of the largest banks in the US. BBVA also has banks throughout Europe, Latin America and Asia. BBVA USA was acquired by PNC Financial Services Group in June of 2021, and the bank is slowly transitioning. As of mid-September 2021, the loans division of BBVA will transition to PNC Bank.
In 2020, BBVA was recognized for the third year in a row by Javelin Strategy & Research as a leader in online banking, with special recognition for the ease with which BBVA customers can securely move their money between accounts. Additionally, in February of 2021, the bank gave $250,000 to help those affected by the winter storm in Texas, with $125,000 given to food banks and an additional $125,000 to help with home repairs.
Review by
Shannon Terrell
shannon.terrell@finder.comShannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
Expert review
BBVA’s selection of mortgages makes it a strong pick for those looking for home loans with no down payment. Options range from its professional mortgages, offering jumbo loans to specific professions, to its HOME mortgages, offering loans to buyers in low-income areas — both without a down payment.
But its loans are only available in 22 states, so you’ll need to shop around if you don’t live in an area it services.