With a range of mortgage options, BB&T specializes in low down payment programs. This lender could be perfect for borrowers who are ready for homeownership but struggling to put together enough equity. Take a look at our complete BB&T Mortgage review to find whether this is the best mortgage lender for you.
BB&T has merged with SunTrust Bank, to form Truist Bank. The banks expect to complete their integration by June 2021. The information in this review is valid until then.
Best for: Low down payment
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.
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.
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 BB&T's mortgage rates for your county.
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:
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. HELOCs are 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.
Nationwide reach: 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, and West Virginia. Borrowers in other states may not apply.
Customer satisfaction: BB&T ranks well below average in the J.D. Power 2020 U.S. Primary Mortgage Origination Satisfaction Study, although it's not at the bottom of the pack. That said, BB&T also comes out above average in a similar study for mortgage servicers. It likely has the potential to improve customer experience on the origination side of things.
More info on rates and qualification guidelines: The rates on BB&T's website will only be available to the most qualified applicants. It would be useful for people with lower credit scores to see what their rate options might be.
Application fee: Borrowers in some states will pay an application fee. Other fees 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 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.
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).
New American Funding is a nationwide lender that offers competitive rates on a wide variety of mortgage loans. This lender caters to borrowers who are learning about the mortgage process and may come to the table with a lower credit score or down payment.
Guild Mortgage is an excellent choice for borrowers who need a low down payment loan or want help putting their down payment together. Guild offers different kinds of down payment assistance, including non-repayable grants and deferred payment loans. Guild also offers a full range of home loan options that should meet the needs of most borrowers.
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 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.
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