Affordable lender for first-time home buyers

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Types of loans offered

Compliant, jumbo, FHA, VA, USDA, HELOC, Community Homeownership Incentive Program, Doctor’s Mortgage, Construction Mortgage to Permanent

Types of loans offered

Compliant, jumbo, FHA, VA, USDA, HELOC, Community Homeownership Incentive Program, Doctor’s Mortgage, Construction Mortgage to Permanent

Benefits
  • Wide variety of affordable mortgage options
  • Easy to use online platform
  • Borrowers with no credit score may still qualify
The inconvenients
  • Unable to see custom rates online
  • Score below average in JD Power’s 2021 Mortgage Origin Satisfaction Survey
  • Does not disclose online lender fees
More information
  • In 2019, BB&T and SunTrust merged to form Truist
  • Does not lend in Arizona, Alaska or Hawaii
  • Minimum credit score and down payment shown are for conforming mortgages

Overall Lender Rating

Advantages and disadvantages

Mortgage interest rates truists

As you scroll through Truist’s main mortgages page, you’ll see sample rates for some of its mortgage offerings. You can also see how these fares change when one or two discount points are added. Rebate points allow you to lower your interest rate by paying the points upfront at closing.

If you want a custom rate, you’ll need to create an account and initiate a request or call and speak to a loan officer.

Truist versus Guild Mortgage

Both Truist and Guild Mortgage stand out for their extensive mortgage offerings and affordability. Both accept alternative forms of credit, although Truist only allows it for certain types of mortgages when the borrower does not have a credit score.

For borrowers who meet income limits, Truist offers mortgages under its Community Homeownership Incentive Program, which allow down payments as low as 3% with no mortgage insurance requirement. Truist also offers a few other 3% down payment options with mortgage insurance for those who qualify, though these options may be limited to low-to-middle income borrowers or first-time home buyers.

Guild also has mortgages that allow borrowers to deposit as little as 3% with mortgage insurance. It can also help connect you with down payment assistance programs in your country.

Truist Mortgage Services vs. Carrington

Truist has a few more mortgage offerings than Carrington Mortgage Services, but buyers in credit difficulty may find more affordability with Carrington.

While Truist has its community homeownership incentive program, Carrington offers a Carrington Flexible Advantage mortgage, which features no mortgage insurance, flexible credit requirements, and a minimum credit score of 550. Some of its other mortgage options allow ratings as low as 500.

How Truist Mortgages Work

If you want to get a mortgage with Truist, you can apply online or start over the phone. This lender also has physical branches with loan officers if you prefer to apply in person, but only in certain, mostly southern states. Truist does not lend in Arizona, Alaska or Hawaii.

The types of mortgages you can get with Truist include conforming, jumbo, FHA, USDA, HELOC, medical, and construction to permanent mortgages. This lender has both government and conventional mortgages that allow down payments as low as 0%, 3% or 3.5%. Borrowers who qualify for the Truist Community Homeownership Incentive Program mortgage can deposit 3% mortgage free.

If you don’t qualify for one of these low down payment options, you’ll need to put down at least 5%. Your loan officer may also be able to help you find down payment assistance programs in your state.

Truist requires borrowers to have a credit score of at least 620, but may approve borrowers without a credit score under certain circumstances.

Truist customer service is available Monday through Friday, 8:00 a.m. to 8:00 p.m. ET and Saturday, 8:00 a.m. to 5:00 p.m.

Is Truist Trustworthy?

Truist currently has an A+ rating from the Better Business Bureau. BBB ratings are based on honesty in advertising, transparency about its business practices, and efficiency in responding to customer complaints.

In JD Power’s most recent mortgage origination satisfaction survey, Truist ranked below the industry average.

Truist Mortgage FAQs

Are SunTrust and BB&T now Truist?

Yes. In 2019, SunTrust and BB&T banks merged to form Truist.

Is Truist a good lender?

Truist may be a good option for you if you’re a first-time buyer or a low-income buyer looking for affordable mortgage options, as this lender offers a variety of low down payment options, including one that doesn’t require a mortgage. private mortgage insurance. However, Truist scored below average in JD Power’s Primary Mortgage Originator Satisfaction Study, which measures how satisfied borrowers are with their


mortgage lenders

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What are Truist’s mortgage rates?

You can find sample mortgage rates on the Truist website, but to get a personalized rate, you’ll need to apply or speak to a loan officer.

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