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Cam Barnett, III's Blog

By Cam Barnett, III | Broker in Charlotte, NC

BB&T Teams With Williamsburg On Commonwealth



Williamsburg On Commonwealth is a condo community just 2 miles from Uptown Charlotte.  Phase V recently sold out and the final phase is now ready for immediate occupancy.  BB&T has teamed with Williamsburg to offer our buyers 100% financing with no PMI and rates as low as 4.875%!  I have attached information about this program for your reference.  Please contact Cam Barnett at 704-400-6391, or email me at campbellbarnett@yahoo.com. You can also check out my website at CamBarnett.com 

CHIP – Community Homeownership

 Incentive Program


100% or 97% financing available with no PMI



·     Maximum loan:  $417,000.00

·     Maximum income limits:   97% financing - $64,300.00, 100% financing - $51,440.00 household income.  Can go higher for 5 and over person occupancy.

·     Ratios:  33% housing, 41% total debt.  Can go up to 45% with 720 credit score and no other debt

·     Term:  30 year fixed only

·     Homebuyer Education:  Required

·     Can use approved down payment assistance program for down payment, closing costs and prepaid, including seller funded down payment assistance.

·     Property:  Single family residence, or condo

·     Minimum buyer contribution:  $500.00

·     Reserves:  97% financing – one month PITI, 100% financing – two months PITI


Credit Qualifying:

  • No 30 day delinquencies within the past 12 months.  Derogatory credit must be explained.  Collections may not have to be paid, but judgments must be paid off.
  • Student loan payments will not be counted in debt as long as payment will be deferred at least 12 months from loan closing.
  • For 100% financing, minimum credit score must be 660.  No minimum credit score needed for 97% financing.
Non-traditional credit sources can be utilized.  Must be opened and maintained for 12 months.  Minimum number is three sources of non-traditional credit, excluding rental verification. 

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