BBVA Compass Announces New HOME Downpayment Assistance Program – NMP Skip to main content

BBVA Compass Announces New HOME Downpayment Assistance Program

NationalMortgageProfessional.com
Feb 26, 2015

BBVA Compass has announced the launch of its Home Ownership Made Easier, or HOME, program, which helps low- and moderate-income borrowers overcome one of the most significant barriers to homeownership—saving enough cash to cover downpayment and closing costs. HOME allows qualifying borrowers to finance up to 100 percent of a home’s value, with the bank contributing up to $4,500 toward certain closing costs. The program is part of BBVA Compass’ recent pledge to put $11 billion in lending, investments and services toward supporting low- and moderate-income individuals and neighborhoods, and will also include a free online homebuyer education course to help prepare borrowers for the responsibility of managing a home loan.

“We’ve built a comprehensive program that will help many people across our footprint realize the dream of homeownership—something that may have seemed unattainable to them in the past,” said Eduardo Castañeda, executive director of real estate lending for BBVA Compass. “The financing and closing cost assistance, and the essential homebuyer education, will help ensure they enjoy the benefits of their new home for years to come.”

Castañeda also said that there are no private mortgage insurance (PMI) requirements with a HOME mortgage, which he says can easily add $150 or more each month to the typical home loan payment.

“In some cases, clients participating in the bank’s HOME program will pay a monthly mortgage payment that is less than what they currently pay as renters,” Castañeda said. “And that’s an important point: This program will be helping people who’ve already proven their ability to make that monthly payment.” 

Published
Feb 26, 2015
Chairman Xu Sells Off Personal Assets To Avoid Default

The Evergrande saga continues as Chairman Xu Jiayin sells off 7 billion yuan ($1.1 billion) of his personal assets to prop up the deflating property giant.

Industry News
Nov 23, 2021
OptiFunder Secures $25 Million In Capital

OptiFunder, a warehouse management system provider for mortgage originators, raised $25 million in additional capital lead by Arthur Ventures, a growth capital firm focused on high-growth, founder-led and capital efficient B2B software companies.

Tech
Nov 23, 2021
Mortgage Company Donates $100K To High School In Memory Of Fallen U.S. Navy Corpsman

Cleveland-based CrossCountry Mortgage donated $100,000 to Milan Edison High School in memory of U.S. Navy Corpsman, Maxton W. Soviak, who died while assisting in the evacuation of Americans and refugees in Afghanistan in August.

Community
Nov 23, 2021
MISMO Seeks To Standardize Pre-Closing Title Data

Forming workgroup to focus on standardizing document datasets to streamline process and increase efficiency.

Industry News
Nov 23, 2021
Pandemic's Impact On Real Estate Around The World

Although the impact of the COVID-19 pandemic on the real estate industry has been well-documented within the United States, it’d be prudent to know how the global event impacted other countries as well. 

Industry News
Nov 22, 2021
Housing Market Potential Strengthens Modestly

First American Financial Corporation's Potential Home Sales Model for October 2021 reported that potential existing-home sales increased 0.1% month-over-month to 6.27 million, with household formation continuing to grow, largely driven by millennials.

Analysis and Data
Nov 22, 2021