Buying and owning a home is the single largest purchase and investment most of us will ever make. Regions offers several limited down payment options to assist first time home buyers needing a loan with a higher loan-to-value.
This type of loan can help if you need money for a down payment or closing costs. The information below outlines the highlights of the different products we offer through our offices. For more assistance with Region's limited down payment programs, contact a local Mortgage Loan Originator.
Path to Homeownership for First Time Home Buyers
Regions has developed the Path to Homeownership – a tool designed to educate and assist first time home buyers and customers desiring to purchase a home by providing you with additional information pertaining to:
- Making the Decision to Buy a Home
- Preparing to Buy a Home
- Application Checklist
- Planning for Down Payment and Closing Costs
- Determining your Borrowing Power
- Understanding Credit Report Information
- Ways to Increase Your Borrowing Power When Shopping for a Home
- Negotiating the Offer to Buy
- Obtaining a Loan
- Closing Day
- Life as a Homeowner
Path to Homeownership - English
Camino a la Compra de una Casa - en Español
Definition: Allows you to keep your money in the bank and have less out of your pocket for closing costs and down payment.
Terms: For available terms, contact your local Regions Mortgage Loan Originator.
Loan-to-Value: Loan-to-value refers to the ratio of the mortgage loan's principal to the property's appraised value or its sales price, whichever is lower. With a limited down payment loan, the maximum LTV is 97 percent, which means less money out of your pocket. Gift funds are allowed.
Loan Amount Limits: For maximum amounts, contact your local Regions Mortgage Loan Originator.
Learn more about your loan type options by reviewing the disclosures provided below:
For more information about being a first time home buyer, please locate a Regions Mortgage Loan Originator or give us a call at 1-877-536-3286.
Subject to Credit Approval