Keller Williams Realty
https://www.buyhomesincharleston.com/blog/bb-t-s-chip-loan-changes-eligibility-parameters.html

BB&T's CHIP Loan Changes Eligibility Parameters

Posted By: Alan Donald In: Mortgages
Date: Mon, Dec 19th 2011 10:06 am

Up until now, BB&T's CHIP loan has been one of the few options that still provides the ability to borrow 100% loan-to-value for certain geographic areas that included Cainhoy, Hanahan and parts of Ladson, Summerville and Goose Creek. Therefore, buyers who were able to negotiate for seller-paid closing costs can purchase a home with no money down, provided (they and the property) are eligible. 

On December 5th, BB&T changed the eligibility parameters for their CHIP loans. Here are the new guidelines:

New guidelines (Highlights) starting Dec 5th

  • Income limits will apply for all properties
  • Over 97% loan to value 80% applicant must be below median HUD income = $49,760 (for total household income)
  • Less than 97% loan to value applicant must be below 120% of median HUD income
  • Minimum credit score of  680 is required