(MENAFN - PR Newswire) HOUSTON, June 3, 2019 /PRNewswire/ -- BBVA Compass recently enhanced its slate of programs designed to help more people with homeownership, announcing that it is now offering additional closing cost assistance for low-to-moderate income (LMI) borrowers that qualify for FHA(1) or VA(2) home loans.
The bank, which presently offers the HOME program, or Home Ownership Made Easier, is offering a similar contribution arrangement for qualifying FHA or VA home loan borrowers as it does with HOME. Qualifying borrowers can receive a total of up to $3,500 in assistance from BBVA Compass toward closing costs and other assistance for FHA loans and up to $2,500 for VA loans.
According to Mortgage Banking Segment Executive Joe Cartellone, the programs underscore the bank's effort to create opportunities for those who most need it.
"Home ownership can seem far out of reach, particularly for LMI borrowers, when you look at all the costs associated with simply borrowing money," Cartellone said. "That's not the case. There are an abundance of programs available, especially at BBVA Compass, for borrowers who qualify. It's our goal as a bank to make sure that those who want to move into this aspect of their financial lives can and can do it in a way that puts them on the best financial footing."
To receive assistance for FHA or VA loans, the property must either be located in a low or moderate income census tract, or the income of all applicants on the loan must be less than 80% of the Federal Financial Institutions Examination Council (FFIEC) Median Family Income, which in the areas in which the bank operates is between $38,900 and $134,800.
For qualified applicants, the bank will contribute a combination of waived fees, lender credits and pricing credits that can be used to offset various closing costs such as appraisal and title insurance costs as well as to cover prepaid items such as homeowners insurance. The borrower may also use the pricing credit to lower the interest rate. The total bank assistance varies by loan size and is available up to $3,500 for HOME and FHA and $2,500 for VA.
"BBVA Compass committed long ago to invest and create opportunities in the communities in which it operates," Cartellone said. "This is just one more example of the bank going the extra mile to help build up those same communities, and put residents on firm financial footing."
For more on home loan options offered by BBVA Compass, clickhere .
For information on FHA and VA loans, clickhere .
For more about the BBVA Compass HOME program,click here .
All loans subject to program eligibility, collateral and underwriting requirements and approvals, including credit approval.
1Certain restrictions apply. To receive assistance for LMI loans, the property must either be located in a low or moderate income census tract, or the income of all applicants on the loan must be less than 80% of the FFIEC Median Family Income. Total maximum assistance, including all lender credits, bank paid fees, waived fees, and pricing assistance cannot exceed $3,500. A lender credit of $500 will be applied at closing. Underwriting and processing fees will be waived (an $1,100 value). Additional assistance is applied via a price adjustment and varies by loan size. For Purchase transactions, lender credits cannot be used to offset fees or charges already being paid by the property seller in accordance with the sales contract. Down payment requirements vary by county and FHA guidelines.
2Certain restrictions apply. To receive assistance for LMI loans, the property must either be located in a low or moderate income census tract, or the income of all applicants on the loan must be less than 80% of the FFIEC Median Family Income. Total maximum assistance, including all lender credits and pricing assistance cannot exceed $2,500. A lender credit of $500 will be applied at closing. Additional assistance is applied via a price adjustment and varies by loan size. For Purchase transactions, lender credits cannot be used to offset fees or charges already being paid by the property seller in accordance with the sales contract. All loans subject to program eligibility, collateral and underwriting requirements and approvals, including credit approval. Down payment requirements vary by county and VA guidelines.
For more BBVA news visit,www.bbva.com and theU.S. Newsroom .
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For more financial information about BBVA Compass, visitbbva.investorroom.com .
BBVA GroupBBVA (NYSE:BBVA ) is a customer-centric global financial services group founded in 1857. The Group has a strong leadership position in the Spanish market and is the largest financial institution in Mexico. It has leading franchises in South America and the Sunbelt Region of the United States. It is also the leading shareholder in Turkey's BBVA Garanti. BBVA's purpose is to bring the age of opportunities to everyone, based on our customers' real needs: provide the best solutions, helping them make the best financial decisions, through an easy and convenient experience. The institution rests in solid values: Customer comes first, we think big and we are one team. BBVA's responsible banking model aspires to achieve a more inclusive and sustainable society.
BBVA CompassBBVA Compass is a Sunbelt-based financial institution that operates 641 branches, including 329 in Texas, 89 in Alabama, 63 in Arizona, 61 in California, 45 in Florida, 37 in Colorado and 17 in New Mexico. The bank ranks among the top 25 largest U.S. commercial banks based on deposit market share and ranks among the largest banks in Alabama (2nd), Texas (4th) and Arizona (6th). BBVA Compass has been recognized as one of the leading small business lenders by the Small Business Administration (SBA) and ranked 8th nationally in terms of dollar volume of SBA loans originated in fiscal year 2018.
SOURCE BBVA Compass
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