Great Loan Programs Available!

I get a lot of emails about various real estate products, but at least one really caught my eye from a mortgage broker at BBVA Compass. They are advertising a loan for 3% down payment with NO mortgage insurance for eligible borrowers.  BBVA Compass even advertises that they may even pay certain closing costs (excluding discount points and prepaid items) up to $4,500 (Great FHA alternative)

There are three separate ways advertised by BBVA Compass to qualify for this loan.
  • Property is located in a LMI area (Low-to-Moderate Income Census Zone)
  1. 100% financing available for Single Family Home
  2. 97% financing available for Condo and Non Warrantable condo
  3. Up to $4500.00 Lender credit to help pay for buyer’s closing costs 
  4. 620 mid credit score
  5. 43% debt to income ratio
  6. NO PMI
  7. Current rates are 4.00% on a 30 year fix – according to BBVA Compass flyer that was distributed and dated January 17, 2015.
  • Borrower is a HERO (Fireman, Policeman, Teacher, Nurse)
  1. Income restriction: not to exceed HUD median income (Austin is 75400.00)
  2. 100% financing available for Single Family Home
  3. 97% financing available for Condo and non warrantable condo
  4. 620 mid credit score
  5. 43% debt to income ratio
  6. NO PMI
  7. Current rates are 4.00% on a 30 year fix
  • Any Borrower who makes less than 80% of HUD median income (Austin is 60,320.00)
  1. Income restriction: not to exceed 80% pf HUD median income (Austin is 60,320.00)
  2. 100% financing available for Single Family Home
  3. 97% financing available for Condo and non warrantable condo
  4. Up to $4500.00 Lender credit to help pay for buyer’s closing costs 
  5. 620 mid credit score
  6. 43% debt to income ratio
  7. NO PMI
  8. Current rates are 4.00% on a 30 year fix

If you are interested, contact me, and I will put you in contact with the Mortgage Broker who has provided me with all of this information. She seems very knowledgeable, and she can help you make a decision to see if home ownership may be in your near future.

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