Get the mortgage built for
first time home buyers
Required Financial Management Course
We want home affordability to last a lifetime. To make that happen, we ask that all first time homebuyers complete a financial presentation prepared by the FDIC. This course will help you understand the costs associated with a home and review basic financial management tips.We encourage you to take the entire course. You are only required to complete the last module (Module 10: Your Own Home). Here’s what you need to do:
- Take the Course: English | Spanish
- Print the completion certificate: Please print or
completion certificate from Module 10: Your Own Home.
- Mail or email it to your BBVA Compass mortgage professional
If you have difficulty with the online course, other alternatives are available including a disk for your PC or in-person training in some areas. For more information, contact your mortgage specialist.
1With First Time Homebuyer Mortgage loans, the first regularly scheduled payment is not due until the fifth (5th) calendar month following closing. Under other mortgage products, a borrower would have three regularly scheduled payments due during this period. Consequently, assuming all payments are made as agreed, the repayment period under a First Time Homebuyer Mortgage loan will be three months longer than with other mortgage products.
As with other mortgage products, interest will accrue on First Time Homebuyer Mortgage loans following closing to the end of the month in which the loan closing occurs - at closing borrowers must prepay the interest accruing during this period. If an escrow account is established for the collection of taxes and insurance, the first three months escrow payments will also be due at closing. BBVA Compass will waive interest accruing on First Time Homebuyer Mortgage loans for the first three months following closing. The borrower will be responsible for all interest amounts accruing thereafter. The first regularly scheduled payment will include principal, interest and any recurring escrow charges, and will be the first of the 360 monthly payments under the term.
2To 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 BBVA Compass determines that the underwriting requirements are not met, BBVA Compass reserves the right to increase the down payment requirement, or decline the loan.
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*This product is limited to first time homebuyers, purchasing detached single family residences only. Interest rates for this product may not be as competitive as interest rates on mortgage loans with regular down payment requirements and regularly scheduled payments beginning prior to the first payment under this product. Because BBVA Compass waives a portion of the interest associated with First Time Homebuyer Mortgage loans, tax deductibility may be reduced. Consult your tax advisor for further information. All loans subject to eligibility, loan program requirements and approval, including credit approval.