The trend of lenders offering certain borrowers the opportunity to get a mortgage loan with a low down payment continued this week as BancorpSouth began offering zero-down mortgages to certain borrowers, reports HousingWire staffer Ben Lane.
Earlier in the week, Fifth Third Mortgage announced that it would offer mortgages with no down payments, so long as the borrower meets certain and specific requirements. BancorpSouth, which operates 239 full service branch locations as well as additional mortgage, insurance and loan production offices in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, is calling its latest offering “Right@Home.”
“BancorpSouth is committed to its ongoing consumer outreach efforts and providing access to affordable mortgage products for all consumers in our market,” said Phil Sandoval, BancorpSouth first vice president and community development lending manager. “The Right@Home mortgage features flexible criteria that can help qualified consumers achieve home ownership.”
To take part in the Right@Home mortgage program, qualified borrowers are required to provide only a minimum contribution of $500, which, according to Sandoval, is typically met through an earnest money deposit or a cost paid out of closing, like the cost of an appraisal, for example.
According to Sandoval, to qualify for the Right@Home mortgage, borrowers must have a minimum FICO score of 640.