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Offer status
The offers on this page have expired. In 2022, BB&T completed its merger with SunTrust Bank, to form Truist Bank. Check out ourTruist Mortgage Review to learn about Truist's home loan programs.
BB&T Mortgage offers conventional mortgage loans and a wide range of low down payment home loan programs. This lender could be a great fit for borrowers who don't have a large down payment but are otherwise ready to buy a home. Also, BB&T offers multiple options for homeowners who want to leverage the equity in their home. Take a look at our complete BB&T Mortgage review to see if this is the best mortgage lender for you.
4.0/5
Our ratings are based on a 5 star scale.
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4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
With various low and zero down payment options, BB&T is a great option for homebuyers who don't have a lot to put down.
Min. Credit Score
620 Conventional
640 USDA
620 - 640
Min. Down Payment
3%
Key Features
Low and zero down payment options
Down payment assistance
Construction loans
Loan Types
Conventional
VA
USDA
Fixed Rate Terms
15y, 30y
Adjustable Rate Terms
Multiple options
Top Mortgage Lender
It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:
Lender
Min. Down Payment
Credit Score
Next Steps
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
This mortgage lender is a good fit for: Borrowers who need a low down payment mortgage -- BB&T offers several mortgage loan options that require anywhere from 0% to 3% down.
Pros
Sample mortgage interest rates are easy to find
Easy online prequalification
Zero and low down payment options
Down payment assistance programs
Cons
Not available nationwide
Application fees, depending on state
Top perks
Accessible mortgage rates
It's easy to plug in your loan amount and a few basic details (loan type, property type, and expected down payment) to see the mortgage rate you might qualify for.
Zero down payment and low down payment options
If you aren't able to put 20% down, BB&T has five different mortgage programs with low or zero down payment requirements:
CHIP (Community Homeownership Incentive Program): 3% down payment, no mortgage insurance required, income limits apply
HomeNow: 3% down payment, income limits apply
First-Time Home Buyer: 3% down payment, reduced mortgage insurance, no income limits
VA loan: 0% down payment, borrower must be VA loan eligible (service members and some spouses)
USDA loan: 0% down payment, property must be USDA loan eligible (usually rural), income limits apply
Down payment assistance programs
BB&T Mortgage works with down payment assistance programs. It won't give you down payment assistance directly, but may steer you in the right direction.
Non-occupant co-applicant
BB&T allows you to apply with a co-applicant who will not live with you. This is useful for families who want to pool resources, children getting help from their parents, and others who might not qualify for the mortgage on their own.
Construction loans
If you want to build your own home, BB&T Mortgage lets you combine the cost of land and construction in one loan. You can make interest-only payments during construction when you'll likely still be paying for housing elsewhere. When construction is complete, the loan converts to a permanent mortgage.
BB&T makes mortgage loans where it has a physical presence. The bank currently operates in:
Alabama
The District of Columbia
Florida
Georgia
Indiana
Kentucky
Maryland
New Jersey
North Carolina
Ohio
Pennsylvania
South Carolina
Tennessee
Texas
Virginia
West Virginia
Borrowers in other states may not apply.
Application fee
Borrowers in some states will pay an application fee. Other fees and closing costs vary as well, and there is no way to find out exactly what they will be until you submit a formal application and are approved for a mortgage.
Non-QM loans
BB&T doesn't offer a wide variety of non-qualified mortgage (non-QM) loans for borrowers who need more flexible underwriting. For example, business owners who want to prove their income using profit and loss statements instead of tax returns might need to look elsewhere.
How to qualify
Conventional loan applicants with BB&T Mortgage need a credit score of at least 620, which is standard. If your credit score is lower, you might qualify for one of BB&T's special home loan programs.
For a government-backed loan, BB&T follows federal underwriting guidelines. In 2021, your debt-to-income ratio (DTI) can be up to 50% (and in some cases higher) provided you meet other criteria.
If you know your income is low for your area, or you think it might be, talk to a BB&T mortgage loan officer about special mortgage loans that you might qualify for. Income limits are typically based on the ZIP code where you live (or where you will buy the home).
How are BB&T Mortgage's refinance rates?
BB&T's refinance rates are in line with national averages, and you'll have to pay for mortgage discount points to get the lowest rates (that's standard). Refinance rates are a little bit higher than purchase loan rates (about two-tenths of a percent), which is also common.
How are BB&T Mortgage's rates compared to the national average?
BB&T's mortgage rates trend about the same as the national average. You can't get a custom rate online without applying, but sample rates for applicants with excellent credit are on BB&T's website.
BB&T Mortgage is right for you if:
BB&T Mortgage is a good fit for first-time home buyers with limited cash on hand for a down payment. It's especially well suited to low- and moderate-income borrowers who can qualify for one of the bank's special mortgage loan programs. If you think your savings account balance isn't quite big enough, or your credit score isn't quite high enough, include BB&T in your research.
BB&T Mortgage is also a great option if you want to finance an empty lot and build your own home.
FAQs
BB&T's mortgage rates trend right around the national average.
Yes, especially if you need down payment assistance, want to apply with a non-occupant co-applicant, or need a new construction home loan.
Yes. BB&T's rates and fees are competitive.
You'll need a 620 credit score for a conventional loan. You might qualify for a government-backed loan with a lower score. Your debt-to-income ratio should be under 50%. You won't need a down payment for a VA or USDA loan, but other loans require 3% or more.
BB&T offers a variety of mortgage products, including:
Conventional loan
VA loan
USDA loan
Construction-to-permanent loan
Fixed-rate mortgage
Adjustable rate mortgage
Low down payment mortgage
Home equity loan or line of credit
Refinance mortgage
Cash-out refinance
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