New Mortgage Product Built Exclusively For First-Time Buyers

Posted by Orb Staff on March 30, 2010 No Comments
Categories : Residential Mortgage

BBVA Compass, a subsidiary of Compass Bancshares Inc., has introduced a mortgage product designed with first-time home buyers in mind.

The First Time Home Buyer Mortgage features online resources that guide the buyer through the purchase process, a required financial literacy course to help them understand the financial commitment being made and a mortgage with terms that allow breathing room in monthly finances, the bank says.

‘First-time home buyers are one of the engines which will help fuel economic growth,’ says Shelaghmichael Brown, senior executive vice president and head of retail banking.

Features of the First Time Home Buyer Mortgage include one posted rate, a first payment that is not due for three months, no lender fees, a down payment as low as 5% and home-buyer educational resources.

‘The First Time Home Buyer Mortgage is a product which not only guides the purchaser through what can be a very complicated process, but also provides important financial education so that they can more fully understand their financial obligations in owning a home," adds Brown.

Each participant in the First Time Home Buyer Mortgage program will also receive a BBVA Compass ‘What to Expect’ document, which outlines each step of the mortgage process, from application to closing, along with helpful tips and documents needed along the way.

BBVA Compass' First Time Home Buyer Mortgage is available throughout the bank's seven-state footprint, which includes Texas, Alabama, California, Arizona, Florida, Colorado and New Mexico.

SOURCE: BBVA Compass

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