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