BB&T Mortgage Review
Working with BB&T
BB&T is currently licensed to do business in Washington, D.C., and 15 states in the U.S.
- New Jersey
- North Carolina
- South Carolina
- West Virginia
Generally, BB&T requires borrowers to have a credit score of 620 or above to qualify for a mortgage.
The company does offer manual underwriting, which is helpful for borrowers who might not meet strict underwriting guidelines but do have compensating factors that could make them good candidates for a mortgage.
BB&T lends on the following types of properties:
- Single-family homes
- Multi-family homes
- Manufactured homes
BB&T special mortgage programs
BB&T has an alternative to FHA loans for borrowers who are struggling to save up for a down payment. Their Community Homeownership Incentive Program (CHIP) offers up to 97% financing with no private mortgage insurance required. Borrowers are allowed to use gifted funds for the down payment and closing costs, but they must complete an online homebuyer education course to qualify.
The mortgage application process
BB&T’s mortgage application process allows borrowers to sign all but the final closing documents electronically. Here is a brief overview of the process:
- Pre-qualify. Create a profile online by answering a few questions about your financial situation and the home you’re interested in buying. Pre-qualification gives you an idea of how much you can afford to borrow without a hard inquiry on your credit that could potentially impact your credit score.
- Complete your home loan application. Once you’ve identified the home you want to buy and made an offer, you will work with a mortgage professional to complete the home loan application. You can do this entirely online using BB&T’s mobile app, securely uploading documents and electronically signing loan documents and disclosures. A mortgage loan officer is available throughout the process to answer questions and discuss interest rates and closing costs.
- Track your progress. The mobile app gives you a checklist of essential documents needed for your loan and tracks the status of your mortgage application as you go, so you can keep track of your loan as it progresses through the underwriting and approval process. Your mortgage officer will order an appraisal and title search.
- Closing. On closing day, you’ll meet at the title company or an attorney’s office to sign paperwork.
Communication during the process
Throughout the mortgage process, your BB&T mortgage loan officer will be your main point of contact. However, you may also work with your real estate agent, a home appraiser and inspector, a loan processor and loan underwriter, and a settlement agent.
Pros and cons of a BB&T mortgage
- Variety of loan programs. BB&T offers a variety of loan programs, including its proprietary CHIP mortgage program geared toward first-time homeowners.
- Website. BB&T’s website provides a number of tools and resources for buyers who want to learn about their mortgage options before speaking to a professional.
- Mobile application. BB&T’s mobile app lets borrowers start a mortgage application, upload financial documents, correspond with a mortgage officer and track the status of their loan.
- Electronic signing. Borrowers can sign applications and disclosures electronically, saving trips to the lender’s office.
- No options for borrowers with poor credit.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.