Buying a home is a monumental moment for first-time buyers. Owning a home offers security, stability and a nurturing environment for growing families. But doing it alone can be confusing and stressful.
June is National Homeownership Month and the folks at Regions Bank is providing no-cost homeownership resources, financial education, and mortgage guidance – all designed to help people, including first-time homebuyers, navigate the homebuying process.
“Throughout the month of June, our bankers and our mortgage professionals will be available to meet with customers who are wanting to start that process and set a plan,” said Rodney Robinson who is the Regions Bank East Tennessee Mortgage Production Manager. “They’ll find out how much they qualify for. We’ll guide them through our Regions Greenprint program, which is what our bankers use to help the borrower follow along with their financial goals.”
Regions Greenprint is available to anyone, including non-customers, free of charge.
Robinson said five branches in the Chattanooga area will be open from 9 a.m. until noon on Saturdays throughout the month. These branches are on South Broad, East Ridge, Hixson, Gunbarrel and Fort Oglethorpe. Of course, all branches are open on weekdays during their regular business hours.
“Also, we have a homeownership resource center that's available online at Regions.com that can help folks learn about mortgage 101 basics,” Robinson added. “Learn about credit scores, mortgages, just basics about products, refinancing, and insurance. There’s also a webinar that's going to be available, that will walk customers through the steps of buying a home. The cost and responsibilities of being a homeowner, and financial strategies for long-term success.”
Robinson said more first-time home buyers are using computer technology and research to find information on home buying.
“But that information only goes so far,” he said. “One, they may not understand it completely. With this being the largest financial transaction that most consumers will go through, there needs to be a hand-holding process. We specialize in helping first-time homebuyers and walking them through it. We go over their credit score. We explain that there are more than just house payments. There are other expenses such as property taxes and homeownership maintenance, utility and costs that a renter may not be used to buying.”
He said Regions Bank experts can look at the family’s overall income to see how much they qualify for. They can also share resources that's available with different products that are based on qualifications.
Robinson said there are down payment assistance programs available that could allow a borrower or consumer to buy a house with little or no down payment.
“The Tennessee Housing Development Authority has a down payment assistance program that Regions Bank and most lenders participate in,” he said. “The city of Chattanooga just recently rolled out a $15,000 down payment for borrowers that qualify from a credit and an income standpoint because there is an income cap on qualification. And then Regions Bank has a down payment assistance program for properties that are AMSA based on qualification, income, and credit quality for $5,000.”
Robinson added that many people think they need to have 20% for the downpayment but that is not the case.
“There are many programs that will do 100% financing,” he said. “For example, a veteran’s loan will do 100%. FHA will do 96.5%. And at Regions Bank it can do up to 97%. So, 3% down on a conventional loan, 3.5% on FHA, and 0% down on a VA loan.”
He said Chattanooga has about 2,000 homes listed for sale on the MLS.
Regions Next Step is the bank’s no-cost financial wellness program, and it provides a comprehensive digital hub, known as the Homeownership Resource Center, with resources including:
- Articles on buying, owning a home and home improvement
- Mortgage and home equity calculators
- Podcasts and worksheets
- Interactive courses on credit scores, mortgage basics, refinancing, and insurance
Courses are mobile-friendly and take 10 minutes or less to complete.
Regions Bank is hosting live homebuyer webinars covering:
- Steps to buying a home.
- Costs and responsibilities of homeownership
- Financial strategies for long-term success
Upcoming webinar dates:
- June 11 (9 a.m. CT) Register here.
- June 15 (6 p.m. CT) Register here.
- June 23 (6 p.m. CT) Register here.
- June 30 (11:30 a.m. CT) Register here.
Registration is free. The webinars are available in English and Spanish.
There are 21 Regions Bank branches in Southeast Tennessee, Hamilton County, North Georgia, Bradley, and Rhea Counties, making it easy to find financial guidance during the holiday season or year-round. Learn more at regions.com.