BNC National Bank (First Federal) Mortgage Review 2024
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Our Take
3.5
BNC's mortgage division has been acquired by First Federal Bank, so borrowers will want to consider First Federal's loan options.
Pros
- Offers government-backed loans and some harder-to-find products, such as jumbo loans for investment and multifamily properties.
- Home renovation loans are available.
- Offers home equity loans and lines of credit.
Cons
- Mortgage rates are not published online.
- Bank branches are limited to eight states.
- Consumers might have trouble finding contact information.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
Based in Florida, First Federal Bank announced its acquisition of BNC National Bank's mortgage division in June 2023. First Federal Bank offers a wide variety of mortgage and refinance loan types and products, including home renovation options and government-backed FHA and VA loans.
It also finances less commonly offered loan types, including jumbo loans for second homes and investment and multifamily properties; loans for modular and manufactured homes; and an option for construction-to-permanent loans.
Loans are available in all 50 states, and borrowers can apply online or by phone. Bank branches are limited to Florida, Georgia, South Carolina and Wisconsin, as well as BNC’s locations in Arizona, Illinois, Kansas and North Dakota, so applying in person won’t be an option in most states.
More from NerdWallet:
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
