First-Time Homebuyer

Navigate homebuying with confidence

Learn the basics, get prequalified and find the mortgage that's right for you.

Buying your first home can be an exciting adventure

We'll give you the information you need and steps to take to realize your dream.

Are you ready to buy a home?

Before you start shopping, make sure you're ready by asking yourself some basic questions.

  • Why do I want to buy a home?
    Maybe you are thinking you want to avoid unexpected rental rate increases or are looking to build equity with an investment. Nonfinancial benefits should be also considered—like a better neighborhood or school district.
  • How long do I expect to stay in a home?
    Typically, purchasing a home is a long-term investment. You should plan on staying in a home from 5 to 10 years to recuperate moving and closing costs, as well as to gain equity.
  • Do I have a steady income?
    When going through the mortgage process, you'll submit income history to qualify for the loan. You'll also have to consider your confidence in future payments without getting over your head in debt.
  • Do I have money saved for a down payment and closing costs? Have I taken into account expenses for repair and upkeep?
    Closing costs are about 2% to 5% of the purchase price, and although there are programs to help with a first-time homebuyer's down payment, the average amount is between 5% to 10%. Once you own a home, a general rule of thumb is to save 1% of the purchase price a year for small fixes such as leaky faucets up to a more expensive roof repair.
  • What is my credit score and how does it affect my ability to get a loan?
    By knowing your credit score and resolving any issues, you can improve your chances of being approved for a loan and getting the best possible rates.

Budgeting considerations

How much can I afford to spend on a home?

Shopping for rates?

Estimate your rates

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  • Loan amount - This is the amount of the loan that you are requesting.
  • County - You must select your state before you can select a county.
  • Don't see your state? - If your state is not listed in the drop-down box, you may be located outside of our service area. To explore your banking options with BB&T, please contact us at 800-BANK-BBT (800-226-5228).

Trending rates

*Annual percentage yield. See additional information in the disclosures below.

Personalizing the mortgage experience

Jackie Baker-Johnson

Hear the inspiring story of a first-time homebuyer fulfilling her dream.

[MUSIC PLAYING] My road, my road-- golly day. Actually, it starts back, way back. And I had a really rough patch along the way. My daddy always owned his home. I had, in my mind, however, that one day when I grow up, I'd like to buy a house. And I find myself at this age in my life, a widowed woman, retired, with five children and five grandchildren. Can retired people buy homes? 

And I was told, why, yes. Your money is as good as everybody else's. And so, I ventured to buy a house. Then, my oldest brother died. And the money that I was saving for my house, I had to take out to help bury my brother. I pondered, I seriously pondered what to do, because I felt as though if I took my house money, that that's my American dream gone up in smoke. Because I was doing this on my own. 

There was a lot of anxiety attached to it, because I knew that it was so important to her. My desire was to immediately say, it's not a lost cause. It's not a lost hope. You're going to have a house. I believe you're going to have a house. 

Well, I received a phone call from one of our housing partners. And they felt that I would be a good fit to work with Ms. Jackie. And I got a call from a nonprofit that had some windfall money. She was the first person that came to my mind. I just thought about what her journey had been and what a blessing it would be for her to have that additional money. And that meant a lot. 

For her to be someone who thought it wasn't going to happen, and not only was it happening, but it was happening and it was going to be less than what she paid in her rent. I'm just one of many standing behind me. We're all out there championing for that first-time homeowner. 

They held me up and they gave me the confidence of knowing that I could do it, and helped talk me through this, and let me know that all is not lost. Yes, you had a ripple, but that's all it's going to be is a ripple. And it was just like, the sky started opening up. I get the phone call saying, we found a house. You need to come see it. So I'm driving down the street, and I'm looking on the right. I'm saying, oh. I'm looking on the left, I said, oh. And guess what? Ta-da, it's this house. 

I was so excited to the point that I ran up to my husband in the middle of a church service and said, you've got to tell everyone how amazing this is. 

It's a great feeling to know that you've helped someone reach a goal that they didn't think they'd get to. 

I love coming home. I love sitting in the backyard on the front porch, because I have both of those amenities. We have all of our holidays, dinners, just being a family unit. This is where I'm supposed to be. This is where I belong, and my family. And so, I love BB&T. 

I call my first-time home buyers my babies. All I see is an opportunity to make dreams a reality for my clients. 

[MUSIC PLAYING] 

Yeah, it's just so warm and cozy and fuzzy.

Deputy Dustin Francis

Find out how our first-time homebuyers get help at every step of the process.

[MUSIC PLAYING] It was the house that I grew up in. I wanted to go somewhere that I knew I had a bunch of memories, that not only I had memories, but my wife and I had memories with as well. Most of our first dates were just coming over, watching the movie, just kind of hanging out. 

My name's Dustin Francis. I'm a deputy sheriff. I'm in charge of the crime prevention program for the Halifax County Sheriff's Office in Virginia. We teach the kids to have a positive life, have a positive effect into the community. And they remember you for years to come. I'm Deputy Dustin. 

Your first time buying a house, you don't have any experience with stuff. You don't know what to expect. You're nervous. You're scared. And they kind of took that out of the way for us. They put us at ease. 

We all do take the time to learn about our clients needs. We want to prepare them not only for the mortgage, but also for the process. 

I'd never done anything like this. At 22 years old, I was just green. I was a rookie, so to speak. The biggest fears are just the inexperience, the unknown. 

In doing a mortgage, we're dealing with their family, we're dealing with their home, we're dealing with their finances or their money. What we want to keep the focus on is making sure that we learn about the client's individual needs, what makes them tick, what their plans are for the future. 

My mortgage loan officer, he kind of stepped in as coach, maybe as a parent, so to speak. And he kind of just explained to me every step of the process. He gave me routine phone calls, e-mails. He just stayed in touch with me. 

This really is a personal relationship. At BB&T, we believe that the client is almost like part of the family. 

It's very obvious, when you first deal with them, that they're genuinely interested in making sure that you're taken care of. You're not looked at as just a client, you're the client to them. So it was just a no-brainer for us to move into that house that I grew up in. It's a dream come true.

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Loan Assumptions for Trending Rates
Determining rates is a complex process. Because we do not have all of your financial information, the rate and payment results displayed may not reflect your actual situation.

BB&T offers a wide variety of loan options, and you may still be eligible for a loan even if your situation does not match our assumptions. Rates vary according to market conditions and financial profiles.

These example rates are based on the most current APR and: Loan Amount $200,000; Credit Score over 740; Primary Home; Single Family Dwelling; with a 20% down payment or 20% equity in the property.

The proposed monthly payment and rate does not include estimated tax payments or monthly premium payments for flood insurance or homeowners insurance. These amounts will be determined at a later date.

The current rate for the 30-year fixed purchase mortgage is based on a $985 origination fee; 1.125 discount points and would yield 360 equal payments.

The current rate for the 15-year fixed purchase mortgage is based on a $985 origination fee; 1 discount points and would yield 180 equal payments.

The current rate for the 30-year fixed refinance mortgage is based on a $985 origination fee; 1.5 discount points and would yield 360 equal payments.

The current rate for the 15-year fixed refinance mortgage is based on a $985 origination fee; 1.375 discount points and would yield 180 equal payments.

Rates and pricing may vary and are subject to change at any time without notice.

Loans, lines of credit and credit cards are subject to credit approval.

All BB&T mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Search the NMLS Registry.

Branch Banking and Trust Company is a Member FDIC and an Equal Housing Lender.