What's Hot: Have Rising Interest Rates Affected Your Housing Search? | A $10,000 Incentive & the Final Chance to Buy at The Parks’ First Condominium
BB&T’s CHIP Loan—The FHA Alternative

BB&T’s Community Homeownership Incentive Program, better known as CHIP, is one of the best alternatives to FHA financing available on the market today.
In short, CHIP offers qualifying home buyers up to 100% financing with no private mortgage insurance, in stable and increasing value markets. The lack of private mortgage insurance means that the monthly payments on a CHIP loan are often lower than those on competing FHA loans.
Here is a side-by-side comparison of how CHIP monthly loan payments compare to FHA payments on a $400,000 condo purchase with 3.5% down:

CHIP versus FHA
Here is a quick rundown of specifics and eligibility qualifications for CHIP provided by BB&T mortgage loan officer Kevin Connelly:
- Borrowers who use CHIP can receive loan amounts up to $417,000.
- Borrowers with a combined household income up to $84,000 can take advantage of 100% financing.
- All CHIP loans are 30-year fixed. The base interest rates for condos are currently around 4.5% and 4.375% for single-family homes and row houses.
- All borrowers must contribute at least $500 toward the loan and have financial reserves to cover two-month PITI (principal, interest, taxes, and insurance).
- Owner occupancy is required on the home being purchased.
- The home appraisal has to come back saying that the market where the property is located is stable. DC, Arlington, Alexandria, Prince George's, Prince William and Loudoun Counties are all considered stable, so borrowers across the DC metropolitan area can qualify for 100% financing.
- Condos must be in buildings that are at least 51% owner occupied and no more than 15% delinquent on unit owner condo fees.
Below is a breakdown on a $400,000 condo purchase using 100% CHIP financing:

$400K condo purchase using CHIP's 100% financing
For more information about the Community Homeownership Incentive Program in the DC area, click here or contact Kevin Connelly at 703-855-7403 or via email at .(JavaScript must be enabled to view this email address).
See other articles related to: sponsored articles, bb&t
This article originally published at http://dc.urbanturf.com/articles/blog/sponsored_bbts_chip_loan_the_fha_alternative/3461
Most Popular... This Week • Last 30 Days • Ever

DC's homebuyer assistance programs can be a bit complex. This edition of First-Timer ... read »

The most detailed rendering yet has been unveiled for the 310-unit redevelopment of t... read »

A look around DC to find the most equity-rich neighborhoods.... read »

Just a month after setting a new high in March, the value of a house in DC skyrockete... read »

The National Capital Planning Commission will consider approval of the final master p... read »
- First-Timer Primer: DC's Home Buyer Assistance Programs
- Rendering Revealed for One of the Largest New Residential Developments in Friendship Heights
- Where Are People House-Rich in DC?
- $1.4 Million: The Price for a House in DC Hit a New High in April
- The Massive Development at DC's Armed Forces Home Looks to Get Key Approval in June
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro