Regions Bank Introduces First-Time Buyers Mortgage with No Closing Costs

regions-bank-logoPurchasing your first home can be as exciting as it is nerve wracking. In addition to the time it takes to search for the perfect house, prospective homeowners must also do ample research on their financing options. Selecting the bank and mortgage that fits your specific budget and meets the needs of your family for the long term should be at the top of the priority list during the home buying process. Regions’ Bank has launched a first-time homebuyers program that is meant to achieve each of those objectives, while keeping money in the customer’s pocket, too.

The First-Time Home Buyers Program through Regions Bank was launched in mid September, and features a number of benefits that can lessen the financial burden of purchasing a home. First, the bank offers a fixed rate conventional mortgage to first time homebuyers – even those who do not yet have an established credit history. Additionally, Regions will pay a large portion of the closing costs, except those items that are pre-paid, which allows borrowers to come to the closing table with less cash out of pocket. The First-Time Home Buyers Program also allows up to 95% loan to value for the purchase of a primary residence, and provides an opportunity for family members to assist with the down payment amount with it negatively affecting the buyer.

A unique aspect of Regions’ First-Time Home Buyers Program is the mandatory home buyer counseling program that customers must participate in to qualify for the closing cost assistance and lower down payment requirements. This required counseling covers a broad range of topics that include:

  • Making the Decision to Buy a Home
  • Application Checklist
  • Determining Borrowing Power
  • Understanding Credit Report Information
  • Negotiating the Offer
  • Closing Day
  • Life as a Homeowner

For those customers who may need assistance with closing costs or are unable to bring a large down payment to the closing table, Regions Bank through its First-Time Home Buyers Program offers a viable solution. Additionally, an in-depth review of the counseling program, Path to Homeownership, can be viewed here:.

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Interested customers may apply in person at a Regions Bank branch location, speak to a mortgage loan originator by calling 1-877-536-3286 or inquire online.

Regions Bank was established in 1970, and is now one of the nation’s top bank holding companies. The financial institution serves customers in 16 states, mainly in the South, Midwest and Texas, and operates just over 1,700 branch locations and 2,000 ATMs. For more information about Regions Bank, customers can visit the company’s website.

Posted on October 17, 2014 by in Mortgages,

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