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 Homeownership is, for many people, the cornerstone of the American dream. BB&T’s CHIP loan is structured to address the challenges of home ownership, including down payment funds, closing costs, and income requirements. Your minimum required investment may be lower than you think. C.H.I.P. (Community Home buying Incentive Program)
| CHIP REQUIREMENTS |
| Maximum income and maximum loan to value (LTV) |
100% county median and 97% LTV/ 80% county median and 100% LTV; no income limit in designated underserved areas. |
| Maximum loan amount |
$417,000* |
| Private mortgage insurance |
Not required |
| Source of down payment/ closing costs |
Qualified gifts, grants and loans. Minimum $500 of client’s funds. |
| Home inspection |
Not required (but recommended) |
| Home buyer education |
Required |
| Escrow for taxes and insurance |
Required |
* Consult your BB&T Mortgage Loan Officer for details.
Maximum loan amount subject to change without notice.
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