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BBVA Compass starts zero percent mortgage programme | 02.03.2005
Over the past few month, the Obama government has taken several stages to broaden the loan cabinet and make it easy for borrower, especially first-time buyers, to buy a home. Savings of 3% on a down pay is still an obstacle for some borrower that they do not see clearly. A new BBVA Compass (BBVA) programme will, however, allow borrower to pay even less for a down pay.
The BBVA Compass announces the introduction of a new programme known as Home ownership made easier, or HOME for short, to help low and middle earner debtors become home owners by overcoming one of the "most significant barriers" to home owning, the deposit. Under the HOME programme, qualified debtors have the opportunity to pay 100% of the house value.
BBVA will also add up to $4,500 to "certain acquisition costs" associated with securing a home construction grant, in additional to the 100% LTV offer. "We have developed a wide-ranging programme that will help many in our entire community to realise the home ownership dreams that may have seemed out of reach to them in the past," said Eduardo Castaneda, BBVA Compass Managing director of REL.
"Funding and acquisition costs and the necessary training for the home buyer will help them to reap the rewards of their new home for years to come." BBVA Compass says the HOME programme is part of the bank's recent pledge to invest $11 billion in loans, investment and service to support low and middle incomes and neighbourhoods.
There are no HOME programme mortgage requirement criteria. However, not every prospective debtor is qualified for the HOME programme. BBVA Compass requires the affected real estate to be either in a low to medium level revenue bracket (as defined by the Federal Financial Institutions Examination Council) or the borrowers must not have an earning of more than 80% of the U.S. Department of Housing and Urban Development average revenue for the area.
BBVA Compass says that other advantages of the HOME programme lie in the fact that the HOME programme can be used in a variety of ways: "Sometimes customers who participate in the bank's HOME programme receive a lower mortgage than what they currently receive as tenants," Castaneda said. It will help those who have already demonstrated their capacity to make this month's payment."