Posted by Dawn Griffin
Affordable 100 and Affordable 97 Loan Programs
Special financing from Regions Mortgage may be available on homes that are listed in near our recently sold condo at 5308 Chouteau’s Bluff. In select areas of the city, there is no income limit to qualify and the purchase price may go up to the new jumbo limit of $510,000. The buyer does not have to be a first time buyer, nor do they have to be a current Regions depositor for this loan. The stipulation is this must be the only residential property they own at the time they close the transaction. It must be a single family residence – detached, attached or warrantable condo, no multi-family units.
Regions Affordable Housing Programs
Regions Mortgage wants to help families achieve their dream of homeownership, which is an important step toward building strong communities. Their affordable housing programs offer home loans with little-to-no down payments, low closing costs, low interest rates, and affordable monthly payments.
Regions Affordable 100 loan
Specifically, the Regions Affordable 100 Fixed-Rate Mortgage allows 100 percent financing for low-to-moderate income (LMI) borrowers.*
Regions Affordable 100 Program available with the following features:
- You can borrow up to 100 percent Loan to Value (LTV)
- No mortgage insurance required
- Purchase only
- Maximum six percent seller contribution
Regions Affordable 97 Loan
Specifically, the Regions Affordable 97 Fixed-Rate Mortgage allows 97 percent financing for low-to-moderate income borrowers.*
- You can borrow up to 97 percent of the home’s value
- No mortgage insurance required
- Purchase or limited cash-out refinance
- Three percent down payment may come from a gift, grant, or non-profit organization
- Maximum six percent seller contribution
Notable Features of Affordable 100 & Affordable 97 Loans
Everybody who qualifies receives the same interest rate, from a 700+ score on the 100% loan down to a 620 score on the 97% loan. The rates are at an all-time low. With Fannie, Freddie and FHA there is an increase in the interest rate and mortgage insurance for every 20 point drop in credit score. Regions underwrite all loans in house and retain servicing on all loan products – Fannie, Freddie, VA, FHA, USDA, jumbo and portfolio loans. Regions does not sell loans to other servicers after closing.
If you have any questions, please reach out to Kendall Garner at Regions.
Equal Housing Lender. Member FDIC. NMLS# 174490. All loans subject to qualification, required documentation and credit approval. Certain exclusions may apply. *Borrower’s income not to exceed 80% of the HUD Median Income Limit, but there is no income limit if the property is located in a Low to Moderate Income (LMI) census tract. Property insurance may be required, including flood insurance if applicable. Amount of payments varies according to loan size and rate. Escrow account required for loans with Loan to Values greater than 80%. Escrow accounts for loans with Loan to Values less than 80% may be waived for a fee. Regions and the Regions logo are registered trademarks of Regions Bank.
