BB&T (Truist) Mortgage Review 2021

By Jennifer Bradley Franklin

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.

At a glance

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4.3

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Loans offered

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)
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Nationwide availability

Available in all U.S. states except Alaska, Arizona and Hawaii; not available in U.S. territories
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Min. credit score required

Minimum credit score requirements not available

Pros and cons

Pros

  • One-stop robust banking services, mortgage offerings and online platform
  • Facilitates online CreditSmart homebuyer education course through Freddie Mac; course completion helps certain borrowers qualify for low-down payment loans
  • Has down payment assistance programs
  • Offers construction loans, including construction-to-permanent

Cons

  • Branches only in 16 states and Washington, D.C.; doesn't lend in Alaska, Arizona, Hawaii or U.S. territories
  • Doesn’t make public minimum credit scores; must contact a mortgage specialist or apply to determine if you qualify
  • Merger with SunTrust could give BB&T less of a small-bank feel

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.

Loan types

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Construction-to-permanent
  • CHIP loans
  • Cash-out refinancing
  • No-cash out refinancing
  • Home equity loans
  • Home equity lines of credit (HELOCs)

Lender fees

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).

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