First-Time Home Buyer and Low Down Payment Mortgages

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.

http://www.bbt.com/bbtdotcom/lending/mortgage/mortgage-loan-options/first-time-homebuyer-and-low-down-payment-mortgages.page#tab3.

Notes from My Blog


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