More Personal Finance Articles:
..........................................

ONLINE BANKING HELPS TODAY'S FAST PACED LIFESTYLE [MORE]

..........................................

SAVE FOR A STRESS-FREE RETIREMENT [MORE]

..........................................

YOU CAN MAKE YOUR BUSINESS DREAM A REALITY [MORE]

One of the biggest factors influencing quality of life is a place to call home. Compass programs – and Compass Bankers – make it possible for hundreds (thousands) of Alabamians to take advantage of quality, affordable housing through homeownership programs. The bank also participates in cooperative efforts to help build affordable apartments.

To help Alabamians buy homes of their own, Compass Bank has developed three different programs. All three programs – Community Opportunity 97, Community Opportunity 100, and Community Opportunity Combo 100 – allow potential homebuyers to finance their purchase with a minimum down payment.

The Community Opportunity 97 home loan requires just 3% of the purchase price as a down payment. It is a conventional loan – as opposed to a variable rate loan or a balloon loan – and Compass uses more flexible underwriting standards to determine loan approval. Compass also sets more reasonable income limits for Community Opportunity 97 applicants and will accept non-traditional credit history – like on-time rent or utility payments – in making loan decisions. In addition, homebuyers can save on their monthly payments because this loan does not require mortgage insurance.

Community Opportunity 100 is very similar, but allows the homebuyer to borrow up to 100% of the home’s purchase price. By eliminating the down payment requirement, Community Opportunity 100 opens the door to homeownership for many Alabamians who have not had the opportunity to save sufficiently for a traditional down payment. Community Opportuni...............................

One of the biggest factors influencing quality of life is a place to call home. Compass programs – and Compass Bankers – make it possible for hundreds (thousands) of Alabamians to take advantage of quality, affordable housing through homeownership programs. The bank also participates in cooperative efforts to help build affordable apartments.

To help Alabamians buy homes of their own, Compass Bank has developed three different programs. All three programs – Community Opportunity 97, Community Opportunity 100, and Community Opportunity Combo 100 – allow potential homebuyers to finance their purchase with a minimum down payment.

The Community Opportunity 97 home loan requires just 3% of the purchase price as a down payment. It is a conventional loan – as opposed to a variable rate loan or a balloon loan – and Compass uses more flexible underwriting standards to determine loan approval. Compass also sets more reasonable income limits for Community Opportunity 97 applicants and will accept non-traditional credit history – like on-time rent or utility payments – in making loan decisions. ty Combo 100 offers the same advantage, but combines a traditional mortgage for 90% of the home’s purchase price with a second mortgage for the remaining 10%. This loan also waives the traditional requirement for mortgage insurance. All three loan programs offer fixed rate financing of up to $100,000 for up to 30 years.

For Alabamians who already own their own homes but wish to make improvements, Compass offers the Community Opportunity Secured Home Improvement. This secured home improvement loan provides $2500 to $25,000 for home improvements, and the borrower pays no closing costs.

All of the Community Opportunity loan programs are available on a limited basis, based on income and location of the home to be financed.

In addition to mortgage and home improvement loans made directly to consumers, Compass also partners with organizations like the Tuscaloosa Housing Authority to create affordable homeownersh -->

As a responsible corporate citizen, Compass Bank considers it a responsibility to give something back to the Alabama communities it serves. As a full-service financial institution, Compass has the opportunity to give back something that truly impacts the quality of life in Alabama. One of the biggest factors influencing quality of life is a place to call home. Compass programs – and Compass Bankers – make it possible for hundreds (thousands) of Alabamians to take advantage of quality, affordable housing through homeownership programs. The bank also participates in cooperative efforts to help build affordable apartments. To help Alabamians buy homes of their own, Compass Bank has developed three different programs. All three programs – Community Opportunity 97, Community Opportunity 100, and Community Opportunity Combo 100 – allow potential homebuyers to finance their purchase with a minimum down payment. The Community Opportunity 97 home loan requires just 3% of the purchase price as a down payment. It is a conventional loan – as opposed to a variable rate loan or a balloon loan – and Compass uses more flexible underwriting standards to determine loan approval. Compass also sets more reasonable income limits for Community Opportunity 97 applicants and will accept non-traditional credit history – like on-time rent or utility payments – in making loan decisions. ip programs for first-time homebuyers. Tuscaloosa’s program – called First Home – helps eligible families obtain financing by pre-qualifying them for a mortgage. Compass’ contribution of $50,000 will assist First Home with costs associated with acquisition and renovation of homes. Compass supports the Alabama Multifamily Loan Consortium, a group of 48 Alabama banking institutions that help finance new and preserve existing affordable apartment housing in Alabama. By the end of August 2003, the Consortium had funded twenty-six projects for more than $23 million and had 11 projects under construction for an additional $17 million. The total impact of all closed and approved loans is that well over 2200 low-and moderate-income Alabamians have safe, clean and quality affordable housing. Compass is well represented in AMLC's governance with Montgomery president Bruce Crawford serving on the Board of Directors and Montgomery senior lending officer, Carl Alred serving a third term on the Loan Committee.

As a responsible corporate citizen, Compass Bank considers it a responsibility to give something back to the Alabama communities it serves. As a full-service financial institution, Compass has the opportunity to give back something that truly impacts the quality of life in Alabama. One of the biggest factors influencing quality of life is a place to call home. Compass programs – and Compass Bankers – make it possible for hundreds (thousands) of Alabamians to take advantage of quality, affordable housing through homeownership programs. The bank also participates in cooperative efforts to help build affordable apartments. To help Alabamians buy homes of their own, Compass Bank has developed three different programs. All three programs – Community Opportunity 97, Community Opportunity 100, and Community Opportunity Combo 100 – allow potential homebuyers to finance their purchase with a minimum down payment. The Community Opportunity 97 home loan requires just 3% of the purchase price as a down payment. It is a conventional loan – as opposed to a variable rate loan or a balloon loan – and Compass uses more flexible underwriting standards to determine loan approval. Compass also sets more reasonable income limits for Community Opportunity 97 applicants and will accept non-traditional credit history – like on-time rent or utility payments – in making loan decisions. , sans-serif">For more information about these loan programs, please contact your nearest local Compass Bank office or call our Mortgage Banking officer Ken Crenshaw at 205-297-3990. Compass Bank is an Equal Housing Lender and proud to serve the people of Alabama.