Buy a home with $500 down!

[SD Squatter]

BBVA Compass announced today the launch of its Home Ownership Made Easier, or HOME, program, which helps low- and moderate-income borrowers overcome one of the most significant barriers to homeownership — saving enough cash to cover down payment and closing costs.

HOME allows qualifying borrowers to finance up to 100 percent of a home’s value, with the bank contributing up to $4,500 toward certain closing costs.

Borrowers can move into a new residence with as little as $500 of their own funds.

There are no private mortgage insurance, or PMI, requirements with a HOME mortgage.

The HOME mortgage is also available to borrowers with higher incomes if they’re financing properties in low- or moderate-income census tracts.

This one is from me:

You can stop making payments right away and live rent-free for the next few years.

Sounds great! Where do I sign up?

Source:
http://newsroom.bbvacompass.com/2015-02-26-BBVA-Compass-helping-low-and-moderate-income-borrowers-overcome-barriers-to-homeownership

[The-Shoveler]

They still need documentation.

You can’t get to a bubble of the same magnitude as 2006-8 unless you have.
No Doc’s. with No Down loans.

Hey but it’s a start.

[Coronita]

[quote=The-Shoveler]They still need documentation.

You can’t get to a bubble of the same magnitude as 2006-8 unless you have.
No Doc’s. with No Down loans.

Hey but it’s a start.[/quote]

I’m all giddy with excitement….Please bring in the lunatics again!!!!

[an]

I’m waiting for the day when they remove the 50% owner occupancy requirement for condo. But this is a good start.

[FlyerInHi]

They are from Spain. Maybe they have cheap money made possible by the ECB.

They have great rates BTW. One of my friends told me. If I remember, he got a jumbo at 2.5%

[spdrun]

Not new:

http://www.city-data.com/forum/new-jersey/2119080-pnc-community-mortgage-program-similar-programs.html

Unlikely that they’ll be charging the kind of people this program will attract “great rates.” Gotta make up for something somehow.

[Author]

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