Friday, August 14, 2009

Regions Bank Program


Regions has signed up with the Federal Home Loan Bank of Atlanta (FHLB) to offer a down payment assistance program through FHA. This is specifically for first time home buyers. It is a 30 year fixed rate mortgage and will assist borrowers with funds for down payment and closing costs.

How it works.......
There are income limits.......80% of the Median income for Nassau County....currenlty $51,120.
Customers must complete a pre-purchase counseling course over the phone.
Borrower must make a $500 minimum can be a gift.
FHLB will match this gift 5:1 up to $10,000. Example.....$500 investment is matched with $2,500. A $2,000 borrower investment is matched with $10,000 from FHLB. The borrower can contribute more but the maximum grant from FHLB will be $10,000.
This grant is a 2nd mortgage. No payments or interest is charged on this loan. Each year 20% of the loan will be forgiven and after five years the entire debt is gone.
Good only for a purchase transaction of a primary residence.
Minimum credit score is 580.
Competitive FHA rates.

John Holbrook - Realtor
Prudential Chaplin Willliams Realty

No comments: