July 6, 2022

BB&T Mortgage Review 2021 | US News

BB&T merged with SunTrust Bank in 2019 to form Truist, headquartered in Charlotte, North Carolina. Truist offers home mortgages in 47 states, and BB&T mortgages should become Truist mortgages in early 2022. BB&T has branches in 15 states and Washington, D.C., and the bank issues loans including conventional, Federal Housing Administration, Veterans Affairs, first-time homebuyer and refinancing mortgages.

  • Low down-payment loans are available.
  • Offers a wide selection of mortgage and home equity products.

  • Mortgages are not available in all states.

BB&T offers a few different loan options with a low down payment requirement, including:

  • First-time homebuyer. Make a down payment of as little as 3% of the purchase price, and take advantage of a reduced private mortgage insurance requirement. Income limitations do not apply.
  • HomeNow. You can put as little as 3% down, but you must pay for mortgage insurance and take a homebuyer education course.
  • Community Homeownership Incentive Program. Requires a down payment of as little as 3% and enables you to skip private mortgage insurance, and you must complete a homebuyer education course.

  • Conventional loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • Construction-to-permanent loans
  • Home equity loans
  • Home equity lines of credit

You can prequalify and apply for a mortgage from BB&T through an online application. BB&T mortgage professionals can also help you complete your application. After your loan is approved, you should close in one to two weeks.

BB&T doesn’t disclose its mortgage rates. Fees include a returned payment charge of up to $50 and a payoff statement fee of up to $15. The lender offers a HELOC option that may come without closing costs, and BB&T covers the appraisal fee on its home equity loans.

Borrowers can buy discount points to reduce their interest rate by increasing their down payment.

Truist considers home mortgage applications from every state except Alaska, Arizona and Hawaii, and BB&T has branches in 15 states and Washington, D.C. Prospective borrowers will also need to submit documents to BB&T, including bank and asset statements, any bankruptcy or divorce paperwork and a list of other debts. For a home equity line of credit with BB&T, you should plan to keep your debt-to-income ratio to less than 43% even after obtaining the HELOC.

BB&T does not list a minimum credit score on its website, but it notes that lenders may require borrowers to have at least a 620 FICO score and sometimes may approve borrowers at as low as 550. If your FICO score is greater than 740, you will likely qualify for the best interest rates. BB&T’s low-down-payment loan options have lower credit score requirements than other mortgages.

BB&T has branches in the District of Columbia and 15 states – Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. Truist accepts mortgage applications in 47 states, with Alaska, Arizona and Hawaii excluded.

Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.

BB&T’s parent company, Truist Financial Corp., has an A+ rating with the Better Business Bureau.

In 2020, the Consumer Financial Protection Bureau received 14 mortgage-related complaints about BB&T. The most common issues were related to:

  • Trouble during the payment process
  • Closing on a mortgage
  • Struggling to pay the mortgage

The company provided a timely response to all the complaints, and closed each of them with an explanation.

You can call BB&T’s Mortgage Servicing Center at 800-295-5744 for questions about topics such as refinancing and mortgage and escrow accounts. Customers who are having difficulty making their mortgage payments can call BB&T’s Default Contact Center at 800-827-3722. Both lines operate Monday through Friday between 8:30 a.m. and 7 p.m. Eastern Time. Customers can also contact a local BB&T mortgage professional.

BB&T allows borrowers to prequalify, apply and then manage mortgages online, though closing is typically done in person. You will need to get in touch with a BB&T mortgage professional to finish your loan application, and BB&T offers services on mobile devices with the U by BB&T app.

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