BBVA Compass Announces New HOME Downpayment Assistance Program

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.”