Regions Financial, the holding company for Regions Bank and Regions Mortgage, introduced a new home loan product for first time home buyers.  The new mortgage program is designed to make it easier for new home buyers to qualify for a mortgage loan.

The new first time home buyer product has lower barriers for qualifying for a loan by offering elements such as no closing costs with the exception of prepaid costs, a low 5% down payment or 95% financing, options for borrowers without a traditional credit history, and allowances for down payment assistance from family members.

The loan program is a fixed rate mortgage product.  The traditional closing costs that are found on majority of home loans are covered by Regions and not directly paid for by the borrower.  This new program also features a home buyer counseling program to help new borrowers understand the demands and costs associated with home ownership.

The timing for the product is certainly spot on.  Many potential first time home loan borrowers have expressed concerns about uncertainty about qualifying for a mortgage and the complexity of navigating the home buying process.  In addition, since the majority of mortgage lenders have tightened their lending guidelines in the past few years, borrowers have been struggling to find loans for new home purchases.

Regions Mortgage is one of the largest residential mortgage loan originators and servicers in the nation.  The mortgage lender offers a full array of residential mortgage products and services through its retail and correspondent lending channels.  Regions Bank serves customers in 16 states with approximately 1,700 offices in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas and Virginia.

All home loans offered by Regions are subject to qualification, required documentation and credit approval.  Certain exclusions may apply.  The current loan terms and loan availability is subject to change.

For more information about the first time home buyer mortgage loans, a Regions Mortgage loan originator can be reached by calling 1-877-536-3286.

No user commented in " Regions Mortgage Rolls Out New First Time Home Buyer Program "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)