Saturday, September 28, 2013

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

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




  • 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
  • Home buyer 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

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.
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Joel Lobb (NMLS#57916)
Senior  Loan Officer
502-905-3708 cell