First Time Home Buyer Mortgage
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.
And with the right mortgage, making the decision to purchase your first home can be an easy one. We’re here to help.
With a First Time Home Buyer Mortgage from BBVA Compass, you get breathing room just when you need it most. With features like:
- First mortgage payment not due for three months – Have the money you need for paint, furniture and whatever else you need.
- Low down payment options –
You’ll need less cash to purchase your first home. - No origination or other lender fees, including no mortgage insurance –
Saving on fees means more money in your pocket.
Online Course
Want to know more about home buying and personal finances? You will learn everything from personal budgeting to home financing by taking this free online course.
Or, just focus on home financing by taking the last module - Your Own Home (required for the First Time Home Buyer Mortgage - ask a mortgage specialist for details).
* For 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.
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. All loans subject to eligibility, loan program requirements and approval, including credit approval.
