BB&T Mortgage Review 2020
By Jennifer Bradley Franklin
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4.1
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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
BB&T, short for Branch Banking & Trust, is a full-service bank and mortgage lender. BB&T merged with SunTrust Bank to form Truist in December 2019, so the bank is currently being referred to as “BB&T now Truist.” “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 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, growing to a footprint of branches in 15 states. Now, Truist Financial Corporation is headquartered in Charlotte, North Carolina, and is the sixth-largest bank in the U.S.Nationwide availability
Available in all U.S. states except Alaska, Arizona and Hawaii; not available in U.S. territories
Minimum credit score
BB&T now Truist does not post minimum credit requirements publicly and company representatives declined specifics. “Every client has unique needs; we encourage clients to discuss their situation with a licensed loan officer,” says White.
Loan types
Conventional, FHA, VA, USDA, jumbo, construction-to-permanent, CHIP loans; refinancing options include cash-out refinancing and no-cash out refinancing; home equity loans and home equity lines of credit (HELOCs)
Pros
- Robust banking services, mortgage offerings and online platform make this a one-stop-shop for customers
- Facilitates online CreditSmart homebuyer education course through Freddie Mac; completion of the course helps certain borrowers qualify for low-down payment loans
- Has down payment assistance programs
- Offers construction loans, including construction-to-permanent, so borrowers can simplify the closing process while building a home
Cons
- Only has branches in 15 states and Washington, D.C.; does not lend in Alaska, Arizona, Hawaii or U.S. territories
- Doesn’t publish minimum credit scores; clients must talk with a mortgage specialist or apply to determine if they qualify
- Recent merger with SunTrust to form Truist could give BB&T less of a small-bank feel
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BB&T overview
Loan types
- Conventional
- FHA
- VA
- USDA
- Jumbo
- Construction-to-permanent
- CHIP loans
- Refinancing including cash-out refinancing and no-cash out refinancing
- Home equity loans and home equity lines of credit (HELOCs)
Lender fees
Typical costs for a BB&T now Truist mortgage may include an origination fee, appraisal, credit report, title insurance and closing or attorney’s fees. “For clients who have a relationship with the bank and assets under management we have select products with unique program guidelines and incentive pricing,” says White, though a borrower would need to explore those options with a mortgage lending representative.
Minimum borrower requirements
BB&T now 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. The bank engages in multiple down payment assistance programs.
The lender also offers USDA (rural development) and VA loans that offer 100 percent financing (no down payment required for qualifying borrowers).
Minimum borrower requirements aren’t readily available on the lender’s website. “When purchasing a home, lenders determine qualification based on criteria such as occupancy, income, assets and credit history,” White says. “Down payments can be derived from various sources. Minimum down payments depend upon credit score, loan product and underwriting guidelines. Purchasing a home is complex; it is best to consult a loan officer for additional guidance specific to your personal scenario.”