Update on BB&T's CHIP Mortgage Loan Program

BB&T has changed their guidelines for their CHIP loan program as follows:

1. 100% financing for HH income under $50,400 in any area, with min. credit score of 680
2. 97% financing for HH income under $63,000 in any area, with min. credit score of 620 (no mortgage insurance)
3. 97% financing for HH income under $75,600 in underserved areas only, with min. credit score of 620 and no mortgage insurance.

These programs may still be an attractive alternative to FHA loans!

For more information about buying a home with the CHIP program, please call us on 843-416-1434.

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Tags: mortgages, credit scores, buyers, financing, fha, first time home buyers, closing costs