BBVA Mortgage Product

[ls2016]

I closed on my home on Jan 15, 2019 using BBVA Compass HOME (Home Ownership Made Easier) mortgage product. I started the process in October 2018, after I sold my last home. BBVA caught my attention because they contributed up to $4500 towards closing cost (gave me $3200), no down payment required, minimum score of 620, and no PMI. Somehow, my student loans ($110,000) were in a transition re-financing phase and were showing paid in full; therefore, BBVA had me to write a letter to that effect, and did not include the 1% student loan payment in the DTI figures. The catch: the interest rate of 5.625% was slightly higher than the 5.25% FHA product and I had to set my payments on automatic draft to qualify for a .125% interest rate deduction.

The mortgage loan officer was truly amazing...she was always available, no matter the time, weekend, or holiday. She was patient and worked out various ways to help me lower my DTI (41% or lower to qualify), which started at 56%; after following her advice after a month, I ended up with a DTI of 32%. I paid off 2 credit cards ($8K) using the money I would have used as a down payment and I re-financed my car to lower my DTI.

The underwriting process was smooth as that individual phoned me a few times herself. The process was overall smooth.

In the end, I walked away from closing with a $480 check, no down payment, no PMI, no closing cost.

I also used a local realtor that matched the Navy Federal Realty Program, to keep my business. The local realtor had a check waiting for me at closing in the amount of $1,050, that was the amount of the NFCU incentive.  

I've already received my first monthly mortgage statement due 3/1/19: a whooping $820.31 goes towards interest and $187.09 towards prinicipal! The American Dream!!!!!! I will pay extra on the prinicpal monthly and may re-finance later down the road, if economically feasible.

I'm happy to be a homeowner once again as I woke up one morning in Sept. 2018 and decided to sell my house with little to no planning. It sold in 4 days!  

Just sharing my experience!!!

[Anonymous]

That is amazing! Happy it all worked out. I am actually looking into the BBVA Home program. Hope to have the same luck. Would you be willing to share who you worked with there?