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Bill Merritt's Blog

By Bill Merritt | Mortgage Broker
or Lender in Dallas, TX

Conventional loans with 3% down and NO PMI are available

Attention Realtors/Buyers:

We offer a very unique loan here at BBVA Compass called a CRA HOME97.

The highlights of the program are:

1) 3% Down Payment
2) No Private Mortgage Insurance
3) Non-warrantable Condos are acceptable
4) Loan amounts up to current HUD limit

We offer this loan in our footprint states of CA, FL, TX, NM, AZ, CO, AL

Other Qualifications include:

1)  Owner occupied only
2)  Max income: up to 80% of HUD Median Family Income, if the borrower's income exceeds 80% of the HUD Median Family Income, property must be located in a Low to Moderate Census Tract.  If the property is in the L-to-M, there is NO limit on income.
3)  Borrower does not have to be First Time Home Buyer, however, can not own any other property at time of closing.
4)  Seller can contribute 3% of sales price to Closing Costs/Pre-Paids
5)  All funds for closing may be gifted.
6)  Minimum credit score is 620.  Loans are manually underwritten.

If you would like to know if the property falls into the Low-to-Moderate Census Tract, or if you have any questions, please contact me.

I also do 100% financing up to $1 Million with no PMI under our Professional Program.  Professionals are classified as Physicians, Lawyers, Dentists, CPA's, Oral Surgeons, and CEOs, CFOs, CIOs, COOs or chairmen of publicly traded companies, or executives in direct report to the CEO or chairman of a publicly traded company.

Bill Merritt
Mortgage Banking Officer
BBVA Compass
972-447-6544

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