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BNC National Bank is a traditional brick-and-mortar bank, but its mortgage division operates as a hybrid of full-service and online lenders. It has mortgage offices in Arizona, Illinois, Kansas, Michigan, Minnesota, Missouri and North Dakota, but it services loans nationwide. Because much of the bank’s mortgage and refinancing business is conducted online and clients don’t need to go into a branch, they’re often regarded as a lower-cost online lender.
Headquartered in Bismarck, North Dakota, the bank was founded in 1990 and the mortgage division was launched in 2008. Because the company maintains offices near rural areas, BNC mortgage consultants are adept at navigating USDA mortgages, in addition to other loans.
Available in all U.S. states, with offices in Arizona, Illinois, Kansas, Michigan, Minnesota, Missouri and North Dakota. Though the company is licensed to do so, it does not service loans in U.S. territories.
Minimum credit score
620 for conventional loans; 640 for FHA and VA loans
Conventional, jumbo, fixed-rate, adjustable-rate (ARM), VA, FHA, HARP 2.0, hybrid ARMs, USDA, FHA 203k; refinancing options include cash-out and no cash-out refinance
Services mortgages and refinancing in all 50 states
Offers loan commitment letters (alternative to pre-approvals)
Doesn’t charge any origination fees for VA loans
Offers manual underwriting for customers with special circumstances
Existing BNC customers seeking a refinance may have appraisal costs waived
Only has offices in Arizona, Illinois, Kansas, Michigan, Minnesota, Missouri, North Dakota
Currently not offering home equity loans (except for existing bank customers)
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BNC National Bank’s mortgage division charges a standard $1,095 origination fee for conventional and FHA mortgages. It doesn’t charge any origination fees for VA loans (which, according to a company representative, make up 40 percent to 45 percent of their business).
The company facilitates bond programs in the states in which it has offices. These programs can offset down payment and closing costs for low- to moderate-income borrowers. For first-time homebuyers who meet the requirements, BNC services federally backed HomeReady and Home Possible Advantage mortgages.
For refinancing, returning BNC customers may have appraisal costs waived in some cases.
Minimum borrower requirements
BNC National Bank follows federal underwriting guidelines for all federally backed mortgage programs. For properties and borrowers that qualify for USDA loans, that can mean no down payment. Home Possible and HomeReady mortgages allow borrowers to put as little as 3 percent down.
BNC borrowers can have a maximum debt-to-income ratio, or DTI, of 59 percent, depending on the mortgage they’re seeking. That means the sum of all monthly debts (including the new mortgage payment) cannot exceed 50 percent of your gross monthly income. The bank offers manual underwriting when needed, a service that can help those with unconventional situations (such as self-employed borrowers) qualify for a loan.
Get started with BNC National Bank
Borrowers can apply in person or online. If you apply online, a representative will contact you. The status of your application is available via text, phone, email or the online portal anytime.
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