Buy with as little as $500 Down

BB&T’s Community Homeownership Incentive Program, better known as CHIP, is one of the best alternatives to FHA financing available on the market today.

In short, CHIP offers qualifying home buyers up to 100 percent financing with no private mortgage insurance. The lack of private mortgage insurance means that the monthly payments on a CHIP loan are often lower than those on competing FHA loans.

Here is a quick rundown of specifics and eligibility qualifications for CHIP

• Borrowers who use CHIP can receive loan amounts up to $417,000.
• Because the median income for the DC metro area went up to  Now, the maximum income for 100 percent financing has been upped to $86,000, and $107,500 for those wanting the 97 percent financing option. If the property is located in what Freddie Mac considers an underserved Census tract, then the maximum income limit for 97 percent financing is $129,000.

• All CHIP loans are 30-year fixed.
  
• All borrowers must contribute at least $500 toward the loan.
• Owner occupancy is required on the home being purchased.
• The home appraisal has to come back saying that the market where the property is located is stable. DC, Arlington, Alexandria, Prince George’s, Prince William and Loudoun Counties are all considered stable, so borrowers across the DC metropolitan area can qualify for 100 percent financing.

In order to make sure that borrowers are qualified, the bank does a complete manual underwrite. The borrower is required to provide two months of pay stubs, two months of bank statements, and two years of W-2 forms. In order to qualify for full 100 percent financing,
For more information about the Community Home-ownership Incentive Program in the DC area, contact Wesley Howard at 202-600-8963 or 301-251-1221.