The bank designed the program, called The Regions First Time Home Buyers Program, to help prospective first-time homeowners get past some of the obstacles that prevent them from purchasing a home. To that end, the program features a fixed rate mortgage with no closing costs to the borrower, with the exception of prepaid items. Regions pays the closing costs does not roll them into the loan amount.
The program also contains mandatory home buyer counseling designed to help customers understand budgeting and plan their finances after they purchase a home. Other features of the program include 95% loan-to-value for purchase of primary residences on homes, down payment options that permit family member assistance, and options for borrowers who do not have traditional credit history.
"We think this program is ideal for so many first time home buyers," said Logan Pichel, Head of Regions Consumer Lending, in a statement. "Many times, first time home buyers have limited funds available for closing, and this program can help free up more of their funds for down payments, savings or emergencies."
Separately, TheStreet Ratings team rates REGIONS FINANCIAL CORP as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation: