A consumer risk data scientist has become her family's youngest homeowner, thanks in part to a Regions Mortgage benefit available to qualifying associates.
NORTHAMPTON, MA / ACCESSWIRE / July 11, 2024 / Regions Bank
By Wayne Thompson
A Regions financial benefit for associates helped Consumer Risk Data Scientist Victoria Robinson fulfill her homeownership dreams and create a new legacy as her family's youngest homeowner.
In addition to a 1-percent discount off mortgage points or closing costs, Robinson took advantage of one of Regions' many other financial well-being programs and resources - the 5 for 5 loan program from Regions Mortgage - to chart her own personalized path to financial health.
The forgivable, $5,000 interest-free second mortgage loan is reducing her loan balance.
"The Regions Mortgage 5 for 5 program is a great benefit," said Robinson, who joined Regions in 2023. "It, and the USDA loan my Regions Mortgage Loan Officer found for me, made the down payment so low and affordable that homeownership did not feel like a financial burden.
"I knew it was something that fit my budget, and am so excited," she said. "I'm moving from my apartment soon into a pretty new two-bedroom, two-bath townhouse in McCalla. What makes it extra special for me is that I'm 27 and no one in my family ever owned a home at my age. They did not believe it was achievable."
For every year associates stay with Regions after mortgage closing, $1,000 of the 5 for 5 loan is forgiven, up to a total of $5,000.
Qualifying criteria include being an associate in good standing for at least six months before applying, having a total annual Regions qualifying income of $100,000 or less, and total qualifying household income of $200,000 or less.
In addition to Robinson, the Regions Mortgage 5 for 5 loan program is helping other associates become homeowners too.
Robinson began her home search in January - hoping to get ahead of summer relocation-driven sales, possible future rate moves in the current environment, and quick sales from the limited supply of homes for sale versus demand.
"I found a place in a great neighborhood that I liked and that was close to work and Target, my favorite store," she said. "My apartment lease wasn't up until the summer but I knew if I had waited until now, it would have been gone and off the market so I applied and closed in April."
"The USDA loan was a great fit for Victoria and what she was wanting to do," said Matt Bearden, a 30-year mortgage industry veteran and the Regions Mortgage Loan Officer who arranged the financing.
"Two things in particular Victoria did that are great examples for anyone looking to buy a home: provide all the documents we need for underwriting as soon as we request them and, before you start home shopping, visit our Regions Next Step® Homeownership Resource Center to learn as much about the home loan process as you can before applying."
Matt Bearden, Regions Mortgage Loan Officer
Robinson said the pre-education helped her know what questions to ask and what Bearden would need. "That was one of the best decisions I made," she said. "The whole process could not have been smoother."
In advance of the official move, Robinson has already taken advantage of her favorite feature of her townhouse - the large yard. "I'm a plant person and have already planted a peach tree."
It seems her homeownership dreams have taken root in more ways than one.
"My new home is an investment in myself and a confidence builder," Robinson said. "Now I'm part of the American dream, and that feels so good."
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