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.
Home equity products
BB&T offers home equity loans and home equity lines of credit (HELOCs) to help you tap your equity. A HELOC is typically subject to a variable interest rate, but a fixed-rate option may be available on all or a portion of a home equity loan from BB&T.
What could be improved
Nationwide reach
BB&T makes mortgage loans where it has a physical presence. The bank currently operates in: