Stephanie Pr…, Other/Just Looking in Old West Durham, Dur...

FHA Loan vs BB&T CHIPS first time homebuyers loan

Asked by Stephanie Pruner, Old West Durham, Durham, NC Mon May 17, 2010

My credit score is currently at a 620 and I really would like to consider my first home. BB&T has told me about the CHIPS program they have for first time homebuyers that does not involve paying private mortgage insurance. However, the interest rate is based on my credit score. I do foresee my credit score improving in the next 6 months, however, since the housing market is recovering would be it be wise to wait to buy to see what their interest rate would be -- or lock in a low rate now with an FHA mortgage?

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Rachel Leber, Agent, Chapel Hill, NC
Mon Jul 12, 2010
Everyone's financing situation/needs are different, but I think the BB&T CHIP loan can be a great option. Trish Hamilton at BB&T (919-918-7054) financed two buyers I worked with last year through CHIP. In one case, we had a 30 day closing scheduled and she called us after two weeks to let us know that BB&T was ready to close as soon as we were. Great service.
1 vote
Bryan Yonish, Agent, Durham, NC
Fri Jul 16, 2010
Interest vs. rent;
Locked into ownership vs. Freedom;
Slow sales in the Winter months vs. More sales in the Summer Season;

Homeownership is your best investment to build wealth. I see the best deals in Feburary when people are depressed about the lack of light and it is too cold to go outside. If you can hold out for a better credit score in order to get a better interest rate, do it. AND don't spend too much during the Christmas season.
0 votes
Deborah Mill…, Agent, Durham, NC
Sun May 30, 2010

I would be glad to have the lender I work with at BB & T who works with the Chip program talk with you. From my understanding you should be able to qualify for this loan from what I see here. I also have an in house lender that has a first time homeowner program that will match your 1,000 x 5 (up to $5,000) toward your downpayment/closing if you qualify.. I know of even another if you are looking for a foreclosure that will pick up your closing costs. I personally think now is a great time for you to get the best rate and it looks like they will be rising soon as I see an increase in home buying in the triangle. There are several programs that will omit the PMI and still a few more that have down payment assistance. There are some incredible buys on the market at this time and as you know it is a buyer's market.

I would be happy to help you further. You can reach me at 919-491-2826 or at

I hope this has been helpful.

Deborah Rigsbee Miller, Real Estate Broker,
Short Sale Foreclosure Certification
Coldwell Banker Howard Perry & Walston
0 votes
Do you know anyone who can help me in Mecklenburg County, Mint Hill (outside of Charlotte) to be exact?
Flag Sun Apr 28, 2013
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