BB&T's 100% Financing, No PMI "CHIP" Loan

By
Real Estate Agent with RE/MAX Executive Realty - The Powell Team 202938
http://actvra.in/zXZ

Since the mortgage crisis started in the Spring of 2008, 100% financing loan programs have become few and far between.  Here are a few details of a relatively new program that BB&T is offering, it seems like a great program for qualifying buyers.

The program is called Community Homeownership Incentive Program or "CHIP" for short.  Qualifying buyers can get up to 100% financing (NO MONEY DOWN) with NO PMI (Private Mortgage Insurance). 

 

  • Loan amounts up to $417,000.00
  • Maximum income limits:   97% financing - $66,500.00, 100% financing - $53,200.00 household income.  No income limits in HUD designated underserved areas. HUD designated underserved areas can be
  • Ratios:  33% housing, 41% total debt.  Can go up to 45% with 720 credit score and no other debt
  • Term:  30 year fixed only
  • Homebuyer Education:  Required
  • Can use approved down payment assistance program or qualified gift
  • Property:  Single family residence, townhouse or condo
  • Minimum buyer contribution:  $500.00
  • Reserves:  97% financing - one month PITI, 100% financing - two months PITI

To determine if a property is located in a HUD designated underserved area, which eliminates the income limit for this program, take the following steps:

Buyer Credit Qualifications:

  • No 30 day delinquencies within the past 12 months.  Derogatory credit must be explained.  Collections may not have to be paid, but judgments must be paid off.
  • Student loan payments will not be counted in debt as long as payment will be deferred at least 36 months from loan closing.
  • For 100% financing, minimum credit score must be 680.
  • Non-traditional credit sources can be utilized.  Must be opened and maintained for 12 months.  Minimum number is three sources of non-traditional credit.

Of course... Loans are subject to approval & this loan program can be modified or discontinued at anytime without notice.

Contact me anytime for more information about this program and for all of your real estate needs.  I look forward to helping you find your new home!

Cheryl Powell- Remax Executive Realty

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Anonymous
Anonymous
Mrs. Jeffries

Good morning,

I am FSBO for 321 Jacobstown New Egypt Rd, Wrightstown NJ 08562-2240 (North Hanover Twp, Burlington County).  Can you please run a check on all 100% financing options for our address.  Please email me any information I can present to lookers at THIS SUNDAY's open house [321@321forsale.com].  Thanks so much.  If you miss the deadline, I will still print the material to have as part of my buyer's packet, but I hope to have some options available on my table this weekend.

Sincerely,

 
 
Jul 24, 2009 01:24 PM #1
Anonymous
Anonymous
VERNON MARGISON

We are currently living with some friends and we have 5 children. We can not get a loan through any bank and we cant do it with a co-sighner. 

Aug 20, 2009 04:42 PM #2
Rainmaker
276,187
Cheryl Powell
RE/MAX Executive Realty - The Powell Team - Harrisburg, NC
The Powell Team- Helping YOU make the right move!

Give me a call Vernon, I'd be happy to discuss possible options with you.

Aug 21, 2009 08:20 AM #3
Anonymous
Anonymous
Ashley White

I live in Kentucky and I thought since you are so knowledgeable in this field you could give me some advice. My credit score is 602 and I want to buy my first home. I checked with a BB&T in Pikeville, Ky about their CHIP program and they told me I had to have a minimum credit score of 660 and a 10% down payment. I saw on your site that at 100% financing your score has to be at least a 660. I understood it from what you have wrote that at 97% financing there is no minimum credit score requirement. Don't all BB&Ts have the same rules? Thank you and any advice is greatly needed and greatly appreciated.

 

 

Aug 16, 2010 11:09 AM #4
Anonymous
Anonymous
ASHLEY & JEREMY WESTBROOK

I AM APPLYING FOR THIS CHIP LOAN AND MY NAME IS THE ONLY NAME THAT WILL BE ON THE LOAN BUT SINCE I AM MARRIED MY BANK TELLS ME THAT MY HUSBANDS INCOME HAS TO ALSO BE CONSIDERED BUT HE IS RECEIVING UNEMPLOYMENT MONEY SO WILL THEY STILL CONSIDER HIS INCOME EVEN THOUGH ITS FROM UNEMPLOYMENT?? PLEASE HELP.

Mar 03, 2011 08:59 PM #5
Anonymous
Anonymous
Mary
Hello, I would like to enquire on information regarding the minimum credit score for financing at 97%. My husband and I live in Lexington ky and would like to build a home, if possible, in fall of this year. Our scores right now are around 550 unfortunately due to several medical bills. We are working hard to get those things paid and to stay current with other monthly bills hoping the scores will continue to raise. Any advice would be greatly appreciated.
Apr 28, 2011 09:13 PM #6
Anonymous
Anonymous
LINDA TRAFFANSTEDT

HI, I AM APPLYING FOR A CHIP LOAN. MY NAME IS THE ONLY ONE ON THE LOAN. HOWEVER, MY HUSBAND'S INCOME  WOULD BE HELPFUL IN OBTAINING THE LOAN.  HIS  CREDIT IS BAD AND I WANT TO KNOW IF IT IS POSSIBLE TO INCLUDE HIS INCOME BUT NOT HIS CREDIT.  PLEASE ADVISE

LINDA

Mar 13, 2012 06:25 AM #7
Anonymous
Anonymous
CS

We have a CHIP loan with BB&T.  Please, PLEASE do not partake in this program!!!!!  We have had nothing but trouble with this loan since the beginning!  They tell you all these nice things about it, but what they don't tell you is this, you HAVE to escrow for the life of the loan!!!  We have had our loan 3 years and every year, our payment has gone up AND have had to pay exorbent amounts of escrow shortages!!!! We have contacted them on NUMEROUS occassions and they tell us it has to do with insurance issues.  BUT one would think that after 3 YEARS, someone in accouning would figure out how to fluctuate this during the year to keep this from happening!!!  We are seeking a real estate lawyer to help with this issue.

Mar 26, 2012 10:18 AM #8
Rainmaker
276,187
Cheryl Powell
RE/MAX Executive Realty - The Powell Team - Harrisburg, NC
The Powell Team- Helping YOU make the right move!

CS, I don't see the issue here.  You are responsible for paying taxes and insurance whether they are  escrowed or not.  If they weren't escrowed then you would have to pay the entire insurance and tax bill when they were due, instead of an "estimated" amount being included in your monthly payment. 

If your home owner's insurance keeps going up then you should shop with other companies for a better rate, your lender doesn't control where you get your home owner's insurance or the cost of that insurance.  Also, your lender has no control over Property Taxes.  The only thing that is guaranteed not to change with a fixed rate mortgage, is the Principle and Interest portion of your payment.

Mar 26, 2012 02:22 PM #9
Anonymous
Anonymous
Sarah

Cheryl,

Thank you for clarifying that for CS.  Duh!

Jul 26, 2012 12:13 PM #10
Rainmaker
276,187
Cheryl Powell
RE/MAX Executive Realty - The Powell Team - Harrisburg, NC
The Powell Team- Helping YOU make the right move!

:-) Sarah

Jul 27, 2012 06:51 AM #11
Anonymous
Anonymous
Charles Edward Moore Jr

i was recently aproved for ssi and im looking for assistance in purchesing my first home. My wife and i are wanting  to purchess a house we can call our home the rest of or life. I have tried to contact my local bb&t office with no call back for several days. We have very little to no money down and would like our payments to be based on my income. If you can help us in any way it would be greatly well thought of.....thak you sincerly charles& ami moore

Mar 15, 2013 11:14 AM #13
Rainmaker
276,187
Cheryl Powell
RE/MAX Executive Realty - The Powell Team - Harrisburg, NC
The Powell Team- Helping YOU make the right move!

Hello Charles, I am a Realtor in North Carolina and don't work for BB&T.  However, I'd be happy to help you in any way possible if you give me a call or email me directly with your contact information.

Mar 15, 2013 11:37 AM #14
Anonymous
Anonymous
miranda

Is this loan available in south carolina? I am looking to buy and this program sounds great.

Apr 15, 2013 01:30 PM #15
Rainmaker
276,187
Cheryl Powell
RE/MAX Executive Realty - The Powell Team - Harrisburg, NC
The Powell Team- Helping YOU make the right move!

Hello Charles, the BB&T CHIP loan payments are not based on your income.  You may want to consider the USDA Rural Development DIRECT loan program.  If you plan to purchase a home anywhere in the areas surrounding Charlotte NC, I'd love to help you find your new home.  Contact me anytime if I can help.

Apr 15, 2013 05:28 PM #16
Rainmaker
276,187
Cheryl Powell
RE/MAX Executive Realty - The Powell Team - Harrisburg, NC
The Powell Team- Helping YOU make the right move!

Hello Miranda, I'm sorry but I don't now if the BB&T CHIP loan is available in SC. I am a Realtor in North Carolina and don't work for BB&T.  You will need to contact a local BB&T branch and ask to speak with a mortgage loan officer.  I wish I could be more help.  Best of luck...

Apr 15, 2013 05:30 PM #17
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