BB&T Mortgage Review 2020
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Branch Banking and Trust Company, known as BB&T for short, was originally founded in 1872 under the name Branch and Hadley. It was eventually renamed to BB&T in 1913, and merged with SunTrust in early 2019 to create a new company called Truist; however, the two companies continue to operate independently until the transition to the Truist brand is complete.
BB&T has originated more than $320 billion in loans, and is reported to be the sixth largest bank in the United States.
Pros and cons of a BB&T mortgage
- Offers a range of conventional and government-backed loan options
- Offers multiple programs catered to first-time homebuyers
- Provides a digital mortgage application process
- Provides a number of tools and resources on the BB&T website for buyers who want to learn about their mortgage options before speaking to a professional
- Doesn’t offer adjustable-rate mortgage options
- Doesn’t offer jumbo loan options
- Provides home loans for borrowers in a limited number of states
Working with BB&T
BB&T offers mortgages in the following 15 states and the District of Columbia:
Branch locations can be found using the branch locator tool on BB&T’s website.
BB&T borrowing requirements
The minimum credit score needed to qualify for a mortgage varies by loan program, but BB&T generally requires a minimum 620 credit score.
The lender offers manual underwriting for some government-backed loans, which is helpful for borrowers who might not meet standard lending guidelines but have compensating factors that could help them qualify for a mortgage.
BB&T provides lending options for the following property types:
- Single-family homes
- Multifamily homes (two to four units)
- Planned-unit developments
BB&T mortgage products
- Conventional loans. BB&T offers fixed-rate conventional mortgages with repayment terms ranging from 10 to 30 years. Generally, the minimum required credit score is 620.
- FHA loans. The Federal Housing Administration (FHA) insures FHA loans that have looser borrowing requirements, including a minimum 580 credit score with a 3.5% down payment.
- VA loans. Members of the military, veterans and eligible spouses may qualify for a 15- or 30-year home loan backed by the U.S. Department of Veterans Affairs (VA). No down payment or mortgage insurance is required.
- USDA loans. The U.S. Department of Agriculture (USDA) insures 0% down USDA loans for homebuyers with a modest income looking for a home in a designated rural area.
- Construction loans. If you’d prefer to build your home from scratch, BB&T offers construction-to-permanent loans that allow you to cover what it costs to buy your lot and build your home.
- Rate-and-term refinance loans. A standard refinance is an option if you’d like to lower your interest rate and monthly payment or shorten your loan repayment term.
- Cash-out refinance loans. BB&T offers cash-out refinance options for both conventional and government-backed loans.
- FHA streamline refinance loans. Existing BB&T FHA loan borrowers may qualify for a streamline refinance, which doesn’t require a full credit check or a home appraisal.
- VA interest rate reduction refinance loans (IRRRLs). Current VA loan borrowers can refinance without providing income documents or covering the cost of an appraisal.
Home equity products
- Home equity loans. A home equity loan allows you to borrow against your equity in a lump sum. Your interest rate and payments are typically fixed for the life of the loan.
- Home equity lines of credit (HELOC). Similar to a credit card, a HELOC is a revolving credit line. You only repay what’s borrowed, plus interest.
BB&T special mortgage programs
- Community Homeownership Incentive Program (CHIP). BB&T’s CHIP initiative offers up to 97% financing with no required private mortgage insurance. Homebuyers can use gift funds for their down payment and closing costs, but they must complete an online homebuyer education course to qualify. Income limitations apply, however.
- First-time homebuyer program. The program for first-time buyers requires a minimum 3% down payment and the completion of a home education course, and also features a reduced mortgage insurance requirement. However, there are no income limitations and gift funds are permitted for down payment and closing costs.
- HomeNow. BB&T’s HomeNow program provides up to 97% financing. Mortgage insurance and a homebuyer education course are required to qualify. There are also income limits.
The mortgage application process
- How to apply. You can start your mortgage application by creating an online profile and answering a few questions to get prequalified.
- Disclosure process. You can securely upload paperwork and electronically sign loan documents and disclosures online by using BB&T’s mobile app or website. A mortgage loan officer is available throughout the process to answer questions and discuss your loan options.
- Submitting loan for approval. Once you’ve completed your application, your loan officer will order a home appraisal and title search.
- Final approval. If all comes back as expected, you’ll be cleared to close on your mortgage and will receive a closing disclosure three business days before your scheduled closing date.
- Closing. On closing day, you may meet at the title company or an attorney’s office to sign paperwork and finalize your transaction.
- Servicing. BB&T has an in-house mortgage servicing center, so you can make payments and manage your mortgage through your online banking account.
Communication during the process
Throughout the mortgage process, your BB&T mortgage loan officer will be your main point of contact for any questions or concerns that may come up. Otherwise, you can reach the BB&T mortgage team by phone at 888-946-8730 Monday through Friday from 8 a.m. to 8 p.m. EST and Saturdays from 9 a.m. to 1 p.m. EST. You can also have a mortgage professional contact you by filling out an online contact form.