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 Regions offers several limited down payment options that can assist first-time homebuyers needing a loan with a higher loan-to-value. This type of loan can help if you have less money for a down payment or to pay for 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 location near you.
Definition: Allows you to keep your money in the bank and have less out of your pocket for closing cost and down payment.
Terms: 10-30 years
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 103%, which means less money out of your pocket. Plus, gift funds are allowed.
Loan Amount Limits: For
maximum amounts, contact your local
office.
Sample First Time Homebuyers Payment Schedule
| Amortization Term: |
10 Years |
30 Years |
| Loan Amount: |
$80,000.00 |
$80,000.00 |
| Loan to Value %: |
80% |
80% |
| Interest Rate: |
6.000% |
6.000% |
| APR: |
6.201% |
6.131% |
| Payment: |
$888.17 |
$479.65 |
This is a sample payment schedule, provided in accordance with Regulation Z, Truth-In-Lending, section 226.24(c)(2)(ii)&(iii). Loan specific disclosures will be provided upon application.
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