BB&T (Truist) overview
BB&T (Branch Banking & Trust), now part of Truist Financial Corporation, is a full-service bank and mortgage lender. In 2019, BB&T merged with SunTrust Bank to form Truist Bank. The banks are in the process of amending branding and signage.
“The changeover will be an ongoing process and all signage, name changes and branding is expected to be completed by the fall of 2021,” says BB&T VP of Corporate Communications David R. White.
BB&T traces its origins to 1872 when two local business partners launched a small bank in Wilson, North Carolina. The company has since acquired and merged with other local and regional banks. Now, Truist Financial Corporation is headquartered in Charlotte, North Carolina, and is the sixth-largest bank in the U.S.
- CHIP loans
- Cash-out refinancing
- No-cash out refinancing
- Home equity loans
- Home equity lines of credit (HELOCs)
BB&T (Truist) lender fees may include an origination fee, appraisal, credit report, title insurance and closing or attorney’s fees. There is relationship pricing and special incentives for existing customers who consult with a mortgage lending rep, according to White.
Minimum borrower requirements
Minimum borrower requirements aren’t readily available on the BB&T (Truist) website, but are generally based on credit history, income and assets.
BB&T (Truist) follows federal underwriting guidelines for federally-insured loans. That means that borrowers can put as little as 3 percent down on some loans. Low-down payment and first-time homebuyer loan programs include the community home improvement (CHIP), FHA, Home Possible, HomeReady, Agency 97 percent and HomeNow loans. BB&T (Truist) also engages in multiple down payment assistance programs, and offers USDA (rural development) and VA loans that offer 100-percent financing (no down payment required for qualifying borrowers).
Other mortgage lender reviews: