Compass Bank Community Reinvestment
Affordable Home Loans for Individuals
For the combined years 2005 and 2006, Compass Bank originated nearly $500 million dollars in residential mortgage loans to low- and moderate-income borrowers and/or in low-and moderate-income areas.
Compass has developed several Community Opportunity products that offer long-term home financing for those who need an affordable alternative to traditional home loan products. These Community Opportunity products are designed especially for individuals who:
- Live in low- or moderate-income census tract households (households with an annual income that's less than 80% of the area's median income).
- Don't have traditionally established credit histories, but who do have a history of paying rent, utilities and other obligations.
Community Opportunity Loan Options:
- Community Opportunity 97
- Community Opportunity 100
- Community Opportunity Combo 100
- Community Opportunity Secured Home Improvement
Affordable Housing Programs
In addition to our own specialized mortgage loan products, Compass Bank also participates with city, state and government agencies to provide individuals with additional help, such as; home buyer counseling, down payment and/or closing cost assistance.
Through our membership in the Federal Home Loan Bank of Atlanta, we help our non-profit and for-profit community partners apply for and manage grant programs offered by the FHLB. These grants have resulted in millions of dollars earmarked for building or rehabilitating affordable housing in the communities we serve.
Additionally, this membership allows Compass access to a specialized down-payment and closing cost assistance program for first-time homebuyers. For the combined years 2005 and 2006, Compass Bank utilized $486,000 dollars in grant funds to originate $9.8 million dollars in residential mortgage loans under this first-time homebuyer program.
For information on Affordable Housing Programs; please contact Community@compassbank.com
