100% Financing with the BB&T CHIP Loan now in TEXAS!
Posted by on Tuesday, August 31st, 2010 at 1:33pm.We have 100% and 97% Programs available on traditional and "underserved" Census Tracts!
(NO Mortgage Insurance and NO Funding Fees Required on either loan)
The 100% loan requires a minimum 660 credit score.
The 97% loan does not have a minimum credit score but it does require a minimum of 2 current trade lines with 12 months history, no late payments on anything in the last 12 months and no new collections in the past 12 months when the credit score is under 620.
Both programs are available all over TEXAS but have a "Household" Income Cap if the property is not in an "Underserved Area" which is based on the HUD County Median Income.
How to find out if your listing is in an "Underserved Area":
- Enter your property address here: http://www.ffiec.gov/Geocode/default.aspx
- Remember or write down the "Tract Code" in number format in the bottom right of the results box.
- Then click here: http://ww3.freddiemac.com/ds2/sell/affgold.nsf/frmState?OpenForm&State=TEXAS
- Scroll down and find the county - the "Underserved Tract Codes" are listed by County
- If your code is listed there is ABSOLUTELY NO INCOME CAP for that property
- If your code is not listed scroll up and locate the "Household Income Cap" for your county (80% of that for a 100% loan) - I've included the caps for the most popular counties below:
Calculating the income cap - the 97% loan is capped at the county median, the 100% loan is capped at 80% of the county median
| County | 97% Loan Cap | 100% Loan Cap |
| Dallas | $68,300 | $54,640 |
| Tarrant | $68,300 | $54,640 |
| Collin | $68,300 | $54,640 |
| Denton | $68,300 | $54,640 |
| Parker | $68,300 | $54,640 |
| Wise | $68,300 | $54,640 |
| Grayson | $57,600 | $46,080 |
| Cooke | $59,100 | $47,280 |
| Hood | $65,100 | $52,080 |
| Johnson | $68,300 | $54,640 |
| Ellis | $68,300 | $54,640 |
- Email RSpring@bbandt.com with the exact subject line below to receive an application and document list automatically!
- SUBJECT: APPLICATION 8-30 NHS BLOG
Please call or email with any questions
(Office: 972-624-7101)
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Share2 Responses to "100% Financing with the BB&T CHIP Loan now in TEXAS!"
Madisonville TX Real Estate wrote:
These look like some pretty good programs you got here. I will book mark this page in case I get client who will fit into the guidelines.
These look like some pretty good programs you got here. I will book mark this page in case I get client who will fit into the guidelines.
Posted on Saturday, November 20th, 2010 at 11:03 PM.
Wow, no mortgage insurance on these loans? That's great.
Posted on Sunday, October 24th, 2010 at 9:42 PM.