There is now additional closing cost assistance for qualifying FHA, VA loans
Sunbelt-based financial institution BBVA Compass has launched new programs to help low-to-moderate income borrowers to buy a home.
The bank, which operates 641 branches across 7 states, is offering a contribution arrangement for qualifying FHA or VA home loan borrowers which will provide 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.
"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 qualify, the home must be 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, which in the areas in which the bank operates is between $38,900 and $134,800.
The firm already operates the Home Ownership Made Easy (HOME) program.
"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."
