Community Homeownership Incentive Program (CHIP) loans puts the dream of homeownership within your reach. CHIP loans from BB&T have many attractive features to help borrowers along the path to owning their own home.Benefits
CHIP loans offer home buyers the following benefits:
- Up to 97% financing on the majority of allowed property types
- First-time home buyers and previous homeowners eligible
- Private mortgage insurance waived
A CHIP loan may be right for you if you:
- Are unsure about qualifying income*
- Are concerned about funding a large down payment
- Lack of credit history
The following types of property are eligible for CHIP loans:
- Single family homes
- Doublewide manufactured homes on permanent foundations
Maximum loan amount varies depending on property location and is subject to change without notice.
*Income cannot exceed 80% of your county median income. Consult your BB&T Mortgage Professional for details.