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BB&T 100 Percent Financing Community Homeownership Incentive Program (CHIP)

Real Estate Agent with EXIT Real Estate Solutions

October 10, 2011 03:56 AM

BB&T’s 100% Financing Community Homeownership Incentive Program (CHIP)

The Community Homeownership Incentive Program (CHIP) specifically from BB&T could help you own the home you have always dreamed about. This income driven program varies by county. CHIP is an easy to qualify loan focused on first time homebuyers that could be for you, especially if you are either unsure about qualifying income, lacking credit history or are concerned about funding a large down-payment.

For those who qualify, this program offers up to 100% financing, NO down-payment, and NO PMI (private mortgage insurance). Without PMI, monthly loan payments are normally less than those with competing FHA loans.

If you do not qualify for 100% financing, you could still receive 97% financing with a %3 down-payment. All the loans are 30 year fixed loans, but there is no prepayment penalty if the loan is paid off early.

Although this is income driven program, there are some income exempt areas. If the address of the home you are looking to buy is located in a HUD Designated Underserved Area, you may still qualify for the loan even if your income is over the guidelines. To determine if your home is in such an area:

Enter the property address here to get the census tract
Then go to Freddie Mac’s Underserved Census Tract List (about halfway down this page)

Additionally, even though this program is focused on first time homebuyers, there are some cases where people may qualify who have already purchased a home. Many senior citizens qualify this way.

If you are interested in receiving immediate attention to find out if you qualify for this program, please contact us at our website.

If you do not qualify for this program yet are still searching for a home and are interested in becoming a homeowner, you could possibly still be eligible for other lending incentive programs offered by SC State Housing such as the first time home buyer’s program. This program is offered year round to a wide range of people interested in owning a home.

Blog Signature: BB&T, Home Financing, CHIP Program, Community Homeownership Incentive Program, First Time Homebuyers, 100% Financing, Incentive Programs for Home Buying, No Down Payment Programs

Columbia,SC EXIT Real Estate Solutions – Jae Kim, Broker

Buying or selling a home or property should be one of the most enjoyable experiences of your life. Most of the time, it’s the largest investment you will make. Jae Kim of EXIT Real Estate Solutions in Columbia, SC is your Award Winning Real Estate expert in Blythewood, Columbia, Lugoff, Elgin, Lexington, Irmo,Chapin, Camden,
Cayce, West Columbia, and the rest of Greater Columbia. This is what we do every day. We can simplify the process for you so that you can enjoy the the experience and avoid the pitfalls that often result in stressful transactions. Call 803-348-3052 today for World-Class, Award- Winning representation.

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