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finder.com’s rating: 2.8 / 5.0
★★★★★
BBVA is among the top 25 largest commercial banks in the US, offering a full range of banking services through nearly 700 branches. Prequalify for a mortgage or submit a request online to learn more about its many home financing options.
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Home Equity, Refinance, |
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Minimum down payment | 3% |
State availability | ID, KS, LA, MA, NM, NV, NY, OH, OK, OR, PA, TN, TX, VA, WA |
BBVA offers a variety of different mortgage types, including:
BBVA offers conventional fixed-rate mortgages with terms from 10 to 30 years, along with adjustable-rate mortgages. As of 2020, the maximum amount you can take out for a conventional mortgage is $510,400 in most counties.
Designed for low- to moderate-income borrowers, FHA loans are available with as little as 3.5% down to borrowers who meet the income restrictions.
VA loans are available with $0 down for qualifying veterans, military service members and certain military spouses.
USDA loans are available for $0 down to homebuyers in eligible rural areas who meet the income requirements. You can use the USDA website to check if your home qualifies.
A jumbo loan is any loan too big to be bought out by government lenders Fannie Mae and Freddie Mac. As of 2020, that means that mortgages over $510,400 in most counties are jumbo loans.
BBVA offers jumbo loans up to $5 million.
BBVA offers a variety of other loans, including:
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 rates, you’d pay approximately:
You’d also need to pay for home insurance and property taxes.
To be eligible for a home loan with BBVA, you’ll need to be at least 18 years old with a minimum personal credit score of 620.
You must also reside in one of the states in which BBVA offers loans: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Kansas, Louisiana, Massachusetts, Nevada, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia and Washington.
Before you apply, be sure to have the following information on hand:
BBVA Compass is not an accredited business with the Better Business Bureau. It receives a BBB rating of B- for failing to respond to four complaints.
Generally, BBVA customers praise its friendly in-person customer service and the speed and ease of its online platform.
However, some complain of miscommunications between BBVA loan officers hindering the loan application process. Some BBVA customers had to repeatedly call to follow up on the status of their loan and criticized BBVA’s disorganized approach to the loan closing process.
The best way to get a home loan with BBVA is to get started by prequalifying. It takes about 15 minutes and will give you an idea of whether you’ll be eligible for a loan — and how much you’ll qualify for.
Founded in Alabama in 1964, BBVA — formerly BBVA Compass — is a bank. It offers checking, savings and investment accounts, credit cards, mortgages, personal loans and business loans.
As of August 2019, it has a B- rating with the BBB with 230 complaints closed within the last year.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.
Read the full methodology of how we rate home loan providers.
Review by
Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
BBVA’s selection of mortgages make it a good pick for those looking for home loans with no down payment. It choices ranges 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 15 states, so you’ll need to look elsewhere if you don’t live in a state it services.