First-Time Home Buyer and
Low Down Payment Mortgages

BB&T Home Mortgage offers a variety of programs to help first-time home buyers and buyers with limited credit or income realize their dream of homeownership. Your BB&T mortgage professional will help you determine which loan is best for you. Loans may include the following features:

  • Low down payment options
  • Alternative credit histories accepted
  • Down payment funding in the form of gifts or grants
  • Non-occupying co-borrower allowed

Affordable Housing Loans


Affordable Housing loans offer first-time home buyers, buyers with limited credit history, and buyers with lower incomes the ability to own their own homes.

Benefits

Affordable Housing loans offer home buyers the following benefits:

  • Low down payment
  • Alternate credit histories acceptable
  • Down payment can be combined with gifts or grants

Recommended For

An Affordable Housing loan may be right for you if you:

  • Are a first-time home buyer
  • Have limited employment history
  • Have limited or alternative credit history
  • Are concerned about qualifying income or earn less than the median income

FHA Loan

Federal Housing Administration (FHA) loans are offered in conjunction with the U.S. Government to help home buyers overcome many of the obstacles to owning their own homes.

Benefits

FHA loans offer home buyers the following benefits:

  • Low down payment
  • Closing costs can be funded by gifts or grants
  • No cash reserves needed
  • Non-occupying co-borrowers are allowed
  • Loan may be fully assumable depending on loan program

Recommended For

An FHA loan may be right for you if you:

  • Are a first-time homebuyer
  • Lack a sufficient down payment, or plan to use gift or grant monies for down payment assistance
  • Lack credit history
  • Are concerned about qualifying income

Property Types

The following property types are eligible for an FHA loan:

  • Single family homes
  • Townhomes
  • Condos
  • Doublewide manufactured homes on permanent foundations

CHIP

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

Recommended For

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

Property Types

The following types of property are eligible for CHIP loans:

  • Single family homes
  • Townhomes
  • Condos
  • 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.

Rural Housing Loans

Rural Housing loans are designed to assist borrowers in qualifying rural areas to become homeowners. These loans offer a variety of unique and attractive features for qualifying borrowers.

Benefits

Rural Housing loans offer the following features to home owners:

  • 102% financing options
  • First-time home buyers and previous homeowners eligible

Recommended For

A Rural Housing loan may be right for you if you are:

  • Purchasing a residence located in a qualifying rural area that may be attached to limited multiple acreage
  • Concerned about qualifying income*
  • Concerned about funding a down payment

Property Types

The following types of property are eligible for Rural Housing Loans:

  • Single family homes
  • Townhomes
  • Condos
  • Doublewide manufactured homes on permanent foundations

*Income cannot exceed 115% of your county median income. Consult a BB&T mortgage professional for details.

Online Access

Free to all BB&T mortgage clients, BB&T OnLine® provides 24/7 secure access to your mortgage account, along with your other BB&T accounts. With BB&T OnLine, your mortgage information is at your fingertips.

Complete Self-Service Tasks

  • Make a payment
  • Set up automatic payments
  • Customize email alerts
  • Update contact information

Get Loan Information at Your Convenience

  • Review loan activity
  • Access loan amortization schedule
  • Evaluate payoff information
  • Review year-end statement

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