Since the mortgage crisis started in the Spring of 2008, 100% financing loan programs have become few and far between. Here are a few details of a relatively new program that BB&T is offering, it seems like a great program for qualifying buyers.
The program is called Community Homeownership Incentive Program or "CHIP" for short. Qualifying buyers can get up to 100% financing (NO MONEY DOWN) with NO PMI (Private Mortgage Insurance).
- Loan amounts up to $417,000.00
- Maximum income limits: 97% financing - $66,500.00, 100% financing - $53,200.00 household income. No income limits in HUD designated underserved areas. HUD designated underserved areas can be
- Ratios: 33% housing, 41% total debt. Can go up to 45% with 720 credit score and no other debt
- Term: 30 year fixed only
- Homebuyer Education: Required
- Can use approved down payment assistance program or qualified gift
- Property: Single family residence, townhouse or condo
- Minimum buyer contribution: $500.00
- Reserves: 97% financing - one month PITI, 100% financing - two months PITI
To determine if a property is located in a HUD designated underserved area, which eliminates the income limit for this program, take the following steps:
Buyer Credit Qualifications:
- No 30 day delinquencies within the past 12 months. Derogatory credit must be explained. Collections may not have to be paid, but judgments must be paid off.
- Student loan payments will not be counted in debt as long as payment will be deferred at least 36 months from loan closing.
- For 100% financing, minimum credit score must be 660. No minimum for 97%.
- Non-traditional credit sources can be utilized. Must be opened and maintained for 12 months. Minimum number is three sources of non-traditional credit.
Of course... Loans are subject to approval & this loan program can be modified or discontinued at anytime without notice.
Contact me anytime for more information about this program and for all of your real estate needs. I look forward to helping you find your new home!
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Good morning,
I am FSBO for 321 Jacobstown New Egypt Rd, Wrightstown NJ 08562-2240 (North Hanover Twp, Burlington County). Can you please run a check on all 100% financing options for our address. Please email me any information I can present to lookers at THIS SUNDAY's open house [321@321forsale.com]. Thanks so much. If you miss the deadline, I will still print the material to have as part of my buyer's packet, but I hope to have some options available on my table this weekend.
Sincerely,