TWO GREAT LOAN PROGRAMS WITH 100% FINANCING!

It's been HARD out there in the real estate world this year! There are far fewer buyers looking to buy, and when you finally have a willing buyer…THEY CAN’T GET A LOAN!

But there are two programs that are still helpful to willing buyers who have no down payment! And one of these will even accept less than 620 credit score! Neither of these programs have monthly PMI (private mortgage insurance) which makes it very consumer friendly!

1. CHIP Program with BB&T

This is the Community Homebuyer Incentive Program. It allows for 100% financing if credit scores are 620 or better. If a little less than that, it will allow a 3% down payment which can even be a gift. Must pay all judgments, but if there is an old collection, you do not always have to settle that. You cannot have any derogatory credit issues within the last 12 months. NO PMI!!!

Benefits

CHIP loans offer home buyers the following benefits:

• Up to 100% financing on the majority of allowed property types
• First-time home buyers and previous homeowners eligible
• Private mortgage insurance waived

Recommended For

A CHIP loan may be right for you if you:

• Are unsure about qualifying income*
• Are concerned about funding a large down payment
• Lack of credit history

Property Types

The following types of property are eligible for CHIP loans:

• Single family homes
• Townhomes
• Condos
• Doublewide manufactured homes on permanent foundations

Maximum loan amount varies depending on property location and is subject to change without notice.

*Income cannot exceed 80% of your county median income. Consult your BB&T Mortgage Professional for details.



2. RURAL HOUSING PROGRAM

This program is financed through the Agricultural Department. Thus, it targets “rural areas” in the surrounding Columbia suburbs. Surprisingly, there are many new developments in some great neighborhoods that qualify. Again, this loan is 100% financing and is funded through many different lenders. It is income driven for qualification, and you must have credit scores of 620 or better.

Benefits

Rural Housing Loans offer the following features to home owners:

• 102% financing options
• First-time home buyers and previous homeowners eligible

Recommended For

A Rural Housing Loan may be right for you if you are:

• Purchasing a residence located in a qualifying rural area that may be attached to limited multiple acreage
• Concerned about qualifying income*
• Concerned about funding a down payment

Property Types

The following types of property are eligible for Rural Housing Loans:

• Single family homes
• Townhomes
• Condos
• Doublewide manufactured homes on permanent foundations

*Income cannot exceed 115% of your county median income. Consult a BB&T Mortgage Professional for details.

For more details visit: http://www.bbt.com/bbt/mortgage/first-time-home-buyer-loans.html

There are some other details to both programs that would affect qualification, but in the last month I have been able to put THREE buyers on the CHIP program and they are scheduled to CLOSE on their new home within the next 45 days!