For borrowers who…
Don’t qualify? See other no/low down payment options.
Cash for down-payment and closing costs can come from multiple sources, including gifts — with no minimum personal funds required.
You can qualify for a down payment as low as 3% if you meet HomeReady® income limits or if the property is in a designated census tract.
You may have the option to cancel your mortgage insurance once your home equity reaches 20% (restrictions apply). This cancellation can result in lower monthly payments down the road.
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.
Buying a home can the biggest financial decision most of us will ever make. Here are some "best practice" tips to help simplify the buying process.
Details you need to make a smart decision
¹ Program applies to first lien residential mortgage loans to purchase or refinance a primary residence in AL, AZ, CA, CO, FL, NM & TX. Income limits apply to certain transactions. You may be eligible for a HomeReady® loan if the subject property is in a census tract where the median tract income is less than or equal to 80% Area Median Income (AMI) or you meet certain income limits for the census tract in which the subject property is located. More information can be found at https:// homeready-eligibility.fanniemae.com/homeready/. Other restrictions apply. Talk with a BBVA Compass mortgage expert for details. All loans subject to program eligibility, underwriting and collateral requirements and approval, including credit approval.
HomeReady® is a registered trademark of Fannie Mae. BBVA Compass is a trade name of Compass Bank, a member of the BBVA Group. Compass Bank, Member FDIC and and Equal Housing Lender. NMLS# 402936. Rev. 03/2019 / #277309-B