Spain-based BBVA Compass is introducing a new product that aims at first-time homebuyers. The product is designed specifically to simplify the process of purchasing a home. The new mortgage product comes a month before the first-time homebuyer tax credit is set to expire. Taxpayers must committed to a real estate purchase or be locked into a contract to close before midnight on April 30, 2010. California has already passed an extension for the state tax credit. The First Time Homebuyer Mortgage from BBVA features online resources that guide the buyer through the process. Borrowers go through a required Federal Deposit Institution Corp. financial literacy course to help them understand what mortgages they can afford. "The First Time Home Buyer Mortgage is a product which not only guides the purchaser through what can be a very complicated process, but also provides important financial education so that they can more fully understand their financial obligations in owning a home. At the end of the process, BBVA Compass pledges to do our part by providing them with an affordable and easy to understand mortgage so that they can live comfortably in their home," said Shelaghmichael Brown, senior executive vice president and head of retail banking at BBVA. The new product includes one posted rate or no lender fees including origination, processing or PMI. The down payment is as low as 5%, and the first payment isn’t due for three months. The new product is available in Texas, Alabama, California, Arizona, Florida, Colorado and New Mexico. Write to Jon Prior.