First time homebuyers in Colorado* need to check out Compass Bank's First Time Home Buyer Program.
The First Time Home Buyer Program features
- first mortgage payment not due for three months**
- low down payment options***
- no origination or other lender fees, including no private mortgage insurance (third-party fees may still apply)
This loan could be a great thing for people who will have to invest money in fixing up their new home, and wouldn't be able to come up with the bucks if they were making a mortgage payment. It might also allow a new home owner to buy needed furniture or appliances, or even to put it in a savings account for unforeseen expenses down the road.
It's true that this loan is not going to give the lowest possible interest rate. However, since there is no private mortgage insurance (PMI), the overall payment is often lower than loans with lower interest yet charging PMI.
I asked how it was even possible to not have PMI, and Brant said it's because they keep these loans rather than selling them. So, those of you who don't like the idea that your loan can be sold to certain banks (which shall go un-named here, but which have been horrible to deal with and have been in the news WAY too much) should love that feature.
BTW - I have a listing you could buy! It's a Lafayette home with a view, backs to open space. $217,000, it's a pre-approved HAFA short sale. Want the address? Check out the photo for a hint (or just click the link in blue).
PLUS - if you get a Compass debit and credit card, you earn points when you use it for signature-based transactions that can be redeemed to reduce your mortgage balance. Now, that's a wonderful bonus!
Compass also has a Professional Program (for doctors, dentists, attorneys, etc.) and My Community Program (for teachers, firefighters, nurses, etc.).
Read through the details below, and for more information contact me and I'll put you in touch with Brant.
*Also available for properties in Alabama, Airzona, California, Central and North Florida, New Mexico or Texas where BBVA Compass has a market presence
**The first regularly scheduled payment on the loan will not be scheduled to occur for at least three months following closing. Interest between the closing date and the end of the month in which closing occurs will be collected at closing (which is true of any other home loan). The first three months' escrow payments will also be collected at closing. Interest on the loan accruing from the end of the closing month to 30 days prior to the first scheduled payment will be waived. The loan maturity date will incorporate the amortization of 360 payments beginning with the first scheduled payment date. Because of the interest waiver, tax deductibility may be reduced. The interest rate on the product may be higher than mortgage loans with origination fees and earlier maturities. See application documents for additional details.
*** To qualify for a low down payment, a financial management presentation must be completed online in addition to meeting underwriting requirements. In the event that the financial management presentation is not completed, or the bank determines that the underwriting requirements are not met, they reserve the right to increase the down payment requirement, or decline the loan. This product is limited to first time home buyers, purchasing a detached single family residence only.
* * * * * * * * * * * * * * * * * * * * * * * *
I write posts on real estate issues and local events in the Denver metro area, especially those *communities between Denver and Boulder, as a public service. My hope is to give people an idea of the 'flavor' of our community, in case they're new or moving to the Denver area.
I am a residential real estate agent, happily helping folks buy a house or sell a house in the beautiful and friendly *suburbs northwest of Denver.
*Arvada, Broomfield, Lafayette, Louisville, Superior, Westminster; also Thornton, Golden, Wheat Ridge, Northglen, Lakewood
Read more about Arvada Colorado, a historic small town between Denver and Boulder.
Find Homes for Sale, no Matter Who Listed Them, at Dream House Hunting.
Copyright © 2011 Joetta Fort
Comments(3)