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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.
620
Minimum credit score
3%
Minimum down payment (Conventional)
Only available in: AL, AR, AZ, CA, CO, FL, GA, ID, KS, LA, MA, NM, NV, NY, OH, OK, OR, PA, TN, TX, VA, WA
State availability
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance |
---|---|
Minimum credit score | 620 |
Minimum down payment (Conventional) | 3% |
State availability | Only available in: AL, AR, AZ, CA, CO, FL, GA, ID, KS, LA, MA, NM, NV, NY, OH, OK, OR, PA, TN, TX, VA, WA |
NMLS # | 402936 |
Review by
Shannon Terrell is a lead writer and spokesperson at NerdWallet and a former editor at Finder, specializing in personal finance. Her writing and analysis on investing and banking has been featured in Bloomberg, Global News, Yahoo Finance, GoBankingRates and Black Enterprise. She holds a bachelor’s degree in communications and English literature from the University of Toronto Mississauga.
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.
BBVA is not currently available on Finder
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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:
Before you apply, have the following information handy:
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:
You will also need to pay for home insurance and property taxes.
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.
A variety of other loans are in the BBVA lineup, including:
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.
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
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.
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.
BBVA is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.