Construction Loans & Home Improvement Loans
Buy, build, or renovate with these mortgage solutions.
Construction & Renovation
In many cases, building a new home or renovating an existing home requires getting two separate loans: one to finance the building or renovation of the home, and then a mortgage to pay the balance after the home is built. Not with us. We offer a one-time-close construction/permanent financing program that can save you time, trouble and money.
- One application, one approval, one closing and one set of closing costs
- Potentially tax-deductible interest over the life of the loan (Please consult your local tax advisor for tax deductibility.)
- Loans up to $5,000,000
- Extended rate lock of up to 24 months
- One-time float down at time of conversion
- The ability to purchase primary and secondary residences
To prequalify, call 1-888-8-LENDING.
First Time Home Buyer
Buying your first home is exciting, but it's also one of the biggest financial decisions you'll ever make: You're not just purchasing a house; you're investing in your future.
With our First Time Home Buyer Mortgage1 you get breathing room just when you need it most.
- First mortgage payment not due for three months
- Low down-payment options requiring less cash to purchase
- No origination or other lender fees, including no mortgage insurance
Take a free online course2 to learn more about home financing.
Government Loan Programs (FHA & VA)
Government loan programs can make home ownership a reality for many individuals and families. Here's how:
- Low down payments for FHA loans and no down payment for VA loans*
- Up to 100% of down payment and closing costs can be from gift funds
- Lower closing costs than most conventional loans
- Seller paid discount point options for VA loans
- Easier qualification than most conventional loans
- Up-front Private Mortgage Insurance Premium can be financed
Home Care Mortgage
BBVA Compass' Home Care program is ideal for first-time homebuyers and borrowers who may not qualify under other programs. The program:
- Eliminates the need for a large cash down payment by financing nearly the home's entire purchase price
- Keeps monthly payments affordable by helping you avoid private mortgage insurance
- Allows you to use gift funds to help qualify
Mortgages are subject to loan program eligibility and approval, including credit approval.
1For information regarding home buyer tax credits, including eligibility and other terms and conditions, consult your local tax advisor or visit www.irs.gov.
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. 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 this product may be higher than mortgage loans with origination fees and earlier maturities. See application documents for additional details.
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 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. All loans subject to eligibility, loan program requirements and approval, including credit approval.
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