Regions Bank Unveils New First-Time Homebuyer Program
Regions Bank has unveiled its new First-Time Home Buyers Program, designed to help borrowers overcome some of the obstacles that can make buying a first home difficult. The program offers a fixed-rate mortgage with no closing costs to the borrower (excepting pre-paid items). Closing costs are paid by Regions and not rolled into the loan amount.
“We think this program is ideal for so many first-time homebuyers. Many times, first-time homebuyers have limited funds available for closing, and this program can help free up more of their funds for down payments, savings or emergencies,” said Logan Pichel, head of Regions Banks Consumer Lending.
In addition to the attractive terms of the program, the First-Time Home Buyers Program also features a required homebuyer counseling program—similar to many HUD or other government-guaranteed loans—provided to help borrowers understand budgeting and other necessities once they become homeowners.
The First-Time Home Buyers Program also features:
►Up to 95 percent LTV (loan-to-value) for purchase of primary residences on homes
►Down payment options that allow for assistance from family members
►Options for borrowers with no traditional credit history
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