Overview of BB&T Mortgage Offerings


BB&T (now a subsidiary of Truist Financial Corporation) provides mortgages with the typical durations including 10, 15, 20, and 30-year terms for fixed rate loans. If you’re looking for adjustable rates, BB&T offers 3/1, 5/1, 7/1, as well as 10/1.

You might also be eligible for a down payment of just 3% if you belong to a lower or middle-income home buyer category. The programs that offer such a benefit include the Community Homeownership Incentive Program, HomeNow and CHIP loans. For buyers that fall into this category, you’ll likely be asked to take the Home Buyer Education program online. Upon completion, you’ll be one step closer to getting the super-low down payment. More importantly, you’re not required to have mortgage insurance should you take the CHIP loan option.

On top of that, BB&T has the First-Time Home Buyer program that doesn’t set an income limit to make one eligible for a 3% down payment. Basically, any first-time buyer can apply for the minimum down payment, regardless of their income level. Plus, they’ll benefit from lower mortgage insurance requirements. If you live in a rural area, BB&T also provides USDA loans. The company also offers VA loans aimed at veterans and active military service personnel. However, the offer didn’t include FHA loans at the time of writing.

No matter which type of loan you’re looking to get, BB&T offers excellent online support. The company’s website features a tool to locate a professional nearby if you want to reach out to the lender in person. But there’s also a digital form where you can leave your credentials, and a loan officer will reach out to you. Now, if you wish to complete your application online, you’ll be asked to create a user account. Given that you’re creating an account for financial services, the number of required credentials is really minimal. Also, there’s no reason to worry about the integrity of your personal and financial information because the system is well-protected. But the benefits of using the online services are immense since you get access to BB&T’s full suite of lending features.

At any time, you can reach out to BB&T’s mortgage loan experts to help you submit the application and review if you meet the loan requirements or not. And it’s not uncommon for the experts to suggest an even better option than your current choice.

The great thing is that the hands-on assistance is available for down payments as well. You can read the documents on the lender’s website or just ask your loan expert for clarification.

Any downsides to BB&T?

The quick answer is no, there aren’t. As mentioned earlier, BB&T operates under Truist Financial Corporation which has an outstanding rating at the Better Business Bureau.  However, the Consumer Financial Protection Bureau recently received a few complaints regarding BB&T mortgages. These were related to payment processes, mortgage closing, and customers struggling to pay off their debt.  The important thing is that these complaints shouldn’t alarm you because they are not uncommon with most big lenders. You should know that BB&T responded to the complaints in a timely fashion, closing each one with an extensive explanation and the associated proceedings.

Final Comments

When all is said and done, BB&T mortgages are an excellent option for borrowers living in the Southwest, and an alternative to smaller lenders in the region such as United Valley Bank and OU Federal Union (OUFCU).