If you are looking to apply for a mortgage or to refinance your existing mortgage, you may be eligible for a government loan.
BBVA Compass offers the following government loan options:
An FHA home loan is a mortgage that is insured by the Federal Housing Administration (FHA). Started during the Great Depression, FHA loans historically allowed lower-income Americans, who might not otherwise qualify for mortgages, to buy homes. FHA loans are a popular option for certain first-time home buyers due to flexibility and less stringent credit terms. The down payment can be as low as 3.5 percent of the home’s purchase price.
FHA loans are offered by federally qualified lenders. The FHA charges upfront mortgage insurance premiums as well as annual premiums, and some FHA loans require that these premiums are paid for the life of the loan. There is also a maximum amount that can be borrowed, based on regional guidelines. Purchase and Refinance options are available.
In addition, to those that qualify, we offer VA loans for veterans of our U.S. Armed Forces. VA Home Loans were designed to help military members, veterans, and eligible surviving spouses become homeowners. Private lenders such as banks and mortgage companies provide the loans, but the Department of Veteran Affairs guarantees them. While terms will vary, VA loans generally have less demanding credit requirements and require no down payment. While there is no private mortgage insurance for VA loans, the VA charges an upfront guaranty fee which may be financed into the loan amount. Purchase and Refinance options are available.
BBVA Compass also offers USDA Loans for rural housing. Guaranteed by the federal government and funded by the bank, USDA Loans may be a good zero-down financing option for borrowers who have not served in the military. USDA charges an upfront Guarantee Fee as well as an annual Guarantee Fee that is escrowed monthly and will be calculated for the life of the loan.
Let us work with you to identify the government program that best suits your needs.
Choose from these other mortgage types that might work for you.
Looking for stable monthly payments? With a Fixed-Rate Mortgage, the interest rate on your mortgage loan remains the same for its entire term.
Most adjustable-rate mortgage (ARM) loans feature an initial fixed-rate period, with interest rates adjusting once per year after the fixed-rate term expires.
If you are a medical resident, practicing physician, attorney, oral surgeon, dentist or CPA, a Professional mortgage loan can help you achieve financial flexibility.
Home Ownership Made Easier (HOME)
Through our Home Ownership Made Easier (HOME) mortgages, BBVA Compass is building stronger communities and helping people achieve the dream of home ownership.
Building your dream home starts with finding the perfect location. With so many considerations to make in preparing to build, let us take care of the lot financing.
Renovation Permanent Loans
Kitchen remodel, attic conversion, basement finishing, or bedroom add-on—major renovations can add serious value to your home.
Foreign National Mortgage
BBVA Compass welcomes the opportunity to provide mortgage services to Foreign Nationals who want to purchase, refinance, build, or renovate a home in the United States.
If you're seriously thinking about buying a home, you may be hearing advice from people who haven't purchased a home since the 1980s. The mortgage landscape has changed dramatically in the last several years.
Buying a home can be the largest and most complex financial decision most of us will ever make. Here's some of our "best practice" tips that may help simplify this process and set you on the path towards your new home.