Old National Bank Mortgage Reviews

Old National Bank’s 30-year fixed mortgage rates start at 6.375% as of the time of publication. For reference, the national average 30-year fixed-rate mortgage is 6.46%, according to Freddie Mac.

Old National Bank publishes sample current mortgage rates and APRs for several loan types on its website, including fixed-rate and FHA options. These sample rates are based on specific assumptions, such as credit score, loan amount and loan-to-value ratio, and they may differ from the rate you qualify for. For the most accurate rates based on your situation, you can get a personalized quote or start a prequalification online.

Mortgage rates vary based on your credit history, the type of loan, the loan amount, your down payment and the loan term.

Old National Bank offers a variety of home loan products, including:

• Conventional fixed- and adjustable-rate mortgages
• Jumbo and construction loans
• FHA and VA loans
• HomeReady and Home Manager low down payment options
• Specialty “Community Experts & Heroes” loans for certain professions
• Down payment assistance programs that can be paired with select loans

The maximum loan amount you can get through Old National Bank depends on the type of loan you apply for and your financial qualifications. For example, the Community Experts & Heroes program lists a maximum loan amount of up to $806,500 for eligible borrowers, but other programs may follow standard jumbo or conforming loan limits.

Your income, debts, credit profile and property type also affect how much you can borrow.

Below are the general factors that lenders review when you apply for a mortgage with Old National Bank, though exact requirements vary by program.

Old National Bank's minimum credit score for mortgages

Old National Bank does not publish a single minimum credit score requirement for all mortgages, and requirements can differ by loan type. As one example, its Community Experts & Heroes mortgage lists a minimum credit score of 720.

In general, conventional conforming loans often require credit scores of at least 620, jumbo loans may require higher scores and government-backed loans can allow lower credit scores. Your individual qualifying score will depend on the specific loan program and your overall financial profile.

Old National Bank's minimum down payment for mortgages

Old National Bank has multiple low down payment mortgage options, but minimums vary by product. Some conventional programs allow as little as 3% down, while FHA loans typically start at 3.5% down and certain VA loans may require no down payment.

Old National also offers down payment assistance programs that can provide additional funds toward your down payment and closing costs if you meet eligibility requirements. Your exact down payment requirement will depend on your loan type, credit profile and available assistance programs.

Old National Bank's maximum debt-to-income ratio for mortgages

Old National Bank does not publish a single maximum debt-to-income (DTI) ratio for all mortgage programs. Many mortgage programs cap total DTI around 43% to 50%, but your allowable ratio can vary based on the loan type, credit profile and other risk factors.

A lower DTI can make it easier to qualify and may help you access more favorable pricing.

You can start an Old National Bank mortgage application online, by phone or by working directly with a mortgage loan officer at a branch. Be prepared to provide information about your income, assets, debts and the property you want to finance so the lender can review your eligibility and loan options.

Old National Bank mortgage application features

» LEARN: How to get a mortgage

Old National Bank does not publish a standard mortgage origination fee that applies to every borrower, and your closing costs will vary by loan type, location and loan amount.

In general, many homebuyers pay several percentage points of the loan amount in closing costs, which can include lender fees, third-party charges and prepaid items. Old National’s down payment assistance programs can help lower out-of-pocket costs for eligible borrowers.

We recommend planning to spend between 2% and 5% of your loan amount on closing costs, in addition to your down payment.