BBVA Compass Launches New Mortgage Product Built Exclusively for First Time Home Buyers

Mortgage Features Single Interest Rate, No Payments for Three Months, No Lender Fees and Low Down Payment

News provided by

Mar 29, 2010, 01:04 ET

BIRMINGHAM, Ala., March 29 /PRNewswire/ -- BBVA Compass has introduced the First Time Home Buyer Mortgage, a product designed to help make one of the biggest financial decisions in life, simple. The First Time Home Buyer Mortgage is built with an understanding of the first time home buyer's needs, both pre- and post-purchase. The product features a host of online resources that guide the buyer through the purchase process, a required financial literacy course to help them understand the financial commitment being made and a mortgage with terms that allow breathing room in monthly finances so that the buyer can truly make their new house a home.

"First time home buyers are one of the engines which will help fuel economic growth," said Shelaghmichael Brown, senior executive vice president and head of Retail Banking. "This was made abundantly clear by President Obama's extension of the First-Time Homebuyer Credit. At BBVA Compass, we are focused on making credit available, while striving to keep our approach simple for homebuyers."

Features of the First Time Home Buyer Mortgage include:

One posted rate
First payment is not due for three months
No lender fees (Includes PMI, Origination, Processing, etc.)
As low as 5% down payment
BBVA Compass Online Education Center (Includes educational videos, calculators, etc.)
FDIC Money Smart Home Buyer Education Course

"The First Time Home Buyer Mortgage is a product which not only guides the purchaser through what can be a very complicated process, but also provides important financial education so that they can more fully understand their financial obligations in owning a home. At the end of the process, BBVA Compass pledges to do our part by providing them with an affordable and easy to understand mortgage so that they can live comfortably in their home," said Brown.

Each participant in the First Time Home Buyer Mortgage program will also receive a BBVA Compass "What to Expect". This communication is a simple document which concisely outlines each step of the mortgage process, from application to closing, along with helpful tips and documents needed along the way.

"Purchasing a house can be a very confusing process," said Jon Mulkin, executive vice president and director of consumer asset products. "Our new mortgage product eliminates that confusion by ensuring that the buyer not only understands the mortgage process, but also their participation within it."

BBVA Compass' First Time Home Buyer Mortgage is available throughout BBVA Compass' seven state footprint, which includes Texas, Alabama, California, Arizona, Florida, Colorado and New Mexico. Interested consumers may learn more about the First Time Home Buyer Mortgage by visiting www.bbvacompass.com, calling 1-888-8-LENDING or requesting more information from their local BBVA Compass branch.

ABOUT BBVA COMPASS

BBVA Compass is a Sunbelt-based financial institution that operates 724 branches including 387 in Texas, 92 in Alabama, 65 in California, 77 in Arizona, 45 in Florida, 36 in Colorado and 22 in New Mexico. BBVA Compass is the 15th largest U.S. commercial bank based on deposit market share and ranks among the largest banks in Texas (4th), Alabama (3rd) and Arizona (5th). Additional information concerning BBVA Compass can be found on our website www.bbvacompass.com.

BBVA Compass is a subsidiary of Compass Bancshares, Inc., a wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a financial services group with more than $785 billion in total assets, 48 million clients, 7,600 branches and approximately 104,000 employees in more than 30 countries. BBVA ranks among the top 20 largest financial institutions in the world based on market capitalization and 20th in Global Finance magazine's list of the "World's 50 Safest Banks" for 2009. BBVA provides its customers around the world with a full range of financial services, including commercial and wholesale banking, retail banking services, consumer loans, mortgages, credit cards, securities brokerage, wealth management, pension plan management and insurance. The BBVA Group maintains a leadership position in Spain, Mexico, Latin America and the Sunbelt Region of the United States as well as operations in China, France, Germany, Hong Kong, Italy, Japan, Singapore, Switzerland, and the United Kingdom.