Ep. 13 - Home Loans with Truist Bank

Real Estate Junkies

Ashley Smith is a loan officer with over 22 years of experience. She has worked with many different banks. She is currently with Truist Bank. She is very passionate about helping buyers and sellers with their home financing needs.

Truist has a $7,500 Grant. While geared towards 1st time home buyers, there is no requirement that a buyer be a 1st time home buyer. They must be eligible for HomeReady or HomePossible – loan grant programs through Freddie Mac and Fannie Mae. These programs are driven by income limits. Buyers cannot make more than a certain amount of income to qualify for the grant programs. There is no requirement to repay the grant. The grant can be applied towards closing costs or down payment (i.e. buy down interest rate). It does not add on any additional time to the closing process. Because the $7,500 grant is in-house, there is flexibility on determining which buyer will be used for qualification. For example, one party can be on the loan, but the other party can only be on title and their income is excluded from the qualification. A buyer can stack this grant with other grant programs, however, those grant programs may need additional processing time to close, which might be difficult in this competitive market.

The FHLB Grant is for community partners (doctors, nurses, firefighters, police officers, and military). No requirement that buyer has to be a 1st time home buyer. The buyer has to have a ratified contract before being able to have the funds applied to his/her loan. However, this loan is very restrictive on income. It will look at the entire income of the household and also consider any type of monetary gifts as income.

The CHIP grant stands for Community Homeowner Incentive Program. There is 100% financing available; however, it is geographically driven. Some areas may have an income requirement, while other areas may not. A buyer cannot own another home. Do not have to be a first time home buyer to qualify for this loan. There is no PMI and no prepayment penalty.

There are many loan options available at Truist for every buyer – whether it’s a first time home loan or a jumbo loan. Truist keeps their loans and does not sell them. There are also options for sellers who buy their home first, and then sell their home to apply the proceeds of the sale to their new home and reduce their monthly payment.

There is hope for home buyers. Whether you are a first time home buyer or a repeat home buyer. Reach out to Ashley, and she will be more than happy to help you find a program that works for you!
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