BB&T's 100% Financing, No PMI "CHIP" Loan
BB&T's 100% Financing, No PMI "CHIP" Loan The program is called Community Home-ownership Incentive Program or "CHIP" for short. Qualifying buyers can get up to 100% financing ( NO MONEY DOWN ) with NO PMI (Private Mortgage Insurance). 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 ...