Arvest launches product for first-time homebuyers
by June 15, 2023 8:57 am 2,819 views
Fayetteville-chartered Arvest Bank has launched the Arvest Homebuyer Advantage, a product aimed at helping first-time homebuyers with insufficient down payment funds. The new tool is a joint venture with the Arvest Opportunity Fund, a non-bank subsidiary of Arvest.
According to a news release, qualified first-time homebuyers can secure financing with no down payment or private mortgage insurance fee.
The product combines an Arvest mortgage with an Arvest Opportunity Fund second mortgage, both collateralized by the same property.
The Arvest Opportunity Fund second mortgage allows customers to pay off up to 20% of their mortgage commitment in 15 years.
Arvest’s mortgage division will service both mortgages.
“We couldn’t be more excited to expand our offerings and help more people achieve homeownership, especially as headwinds have increased with affordability and low-inventory concerns,” said Matt Kendall, Arvest mortgage division president and CEO. “Additionally, thanks to our partners at the Arvest Opportunity Fund, this product gives customers the potential to build equity faster.”
The Arvest Homebuyer Advantage requires customers to complete a homebuyer education program and credit review session before closing.
The educational component is aimed at helping customers understand payments and costs and improve their financial health.
The Arvest Opportunity Fund provides loans and lines of credit to small business customers. Despite affordability and low-inventory concerns, Arvest aims to expand offerings and help more people achieve homeownership.