BB&T offers 100% financing with their CHIP loan program No PMI

Very good start range lincoln down to here with the keller williams office in downtown chattanooga and today we’ve got tissue little with us from bb&t and she called me though that was telling me that about eighty percent of her business or so is now being done through these chip loans and she wanted to tell me a little bit about that whereas ours the majority

Of our business has been the fha loan and you feel like there’s some distinct advantages doing a chip versus an fha won’t you tell us a little bit about that absolutely the chip loan is a hundred percent with no you’re mine you only have to have five hundred dollars of your own money invested your seller can pay all the closing costs there’s no cap on the cellophane

Closing costs so your people can do their appraisal their credit for work and then we’re not fifty seven dollars more you know put into it or you can use your earnest money now to do the copy that alternates running and then their price on the credits credited back to them and that money can go towards their down payment rather than toward closing costs okay now you

Said something already that if i were first-time home buyer i might not be aware of now as a real turn as a mortgage person i know exactly what no pmi means but if someone out there doesn’t know what that means what does it mean to get a loan that doesn’t involve them to pay pmi most of your loans that are over eighty percent when the value require you have private

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Mortgage insurance this insurance doesn’t ensure you it ensures the bank for foreclosure so that’s constantly you say one hundred and thirty dollars a month now you can get house a for a hundred thirty dollars a month cheaper or house be you know on fha so the scenario is of course you can get a lot more house for the money so it does two things really want your

Monthly payment will be lower because you join a few mine the second thing though is you actually a qualifying for more of a home for the same price try to do you mind so you know so far word that there’s five hundred dollars of your own money versus 3.5 so the money down up front that’s different instead of being captain you know that the seller can only pay up

Six percent of closing costs and prepaids the sellers will close all your cell all your closing costs and prepaids there’s no p.m. on and what am i missing i mean but those right there those three advantages are huge in general right it also has a conventional appraisal and that i china appraisal is going to be more getting there pickier so if you’ve got a house

That maybe needs a little work you know the conventional appraisals not going to require you to have all these repairs done first so that should be a big help the chip one also is a portfolio bb&t bank 17 closing hormone is also better than somebody’s underwriting stays in house and stuff like that you have the grant as many hoops to jump through in language

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Terms okay so there you go the you know the chip program definitely has some advantages over traditional fhit no pmi no private mortgage insurance $500 down versus the three and a half percent which on a hundred-thousand-dollar house would be thirty five hundred dollars a little bit probably quicker closing time it’s an in-house product and it’s a hundred percent

In its comparable interest rates right absolutely it’s regular conventional interest rate so there’s no difference in if you just got a five percent conventional loan versus the jib okay so great thanks a lot for tuning in and we hope you will see you next time

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BB&T offers 100% financing with their CHIP loan program No PMI By Our Home