Truist Community Homeownership Incentive Program (CHIP)

Truist Community Homeownership Incentive Program (CHIP) is a first mortgage for homebuyers in Washington, District of Columbia, administered by Truist Bank. Truist's Community Homeownership Incentive Program (CHIP) is an affordable first-mortgage product offering 0% to 3% minimum down payment, no required mortgage insurance, and eligible use of lender credits and gift funds, for buyers in qualifying geographies. Truist's published eligibility list specifically includes Washington, DC, with up to 100% financing available within the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA (up to 97% outside the MSA). The program allows condos and manufactured homes, requires a minimum $500 borrower contribution, and permits up to 6% seller contribution. Funding comes from Truist Bank (portfolio/affordable mortgage product).

Truist Community Homeownership Incentive Program (CHIP) is a first mortgage and is repaid under the terms set by Truist Bank. Repayment is triggered by Standard mortgage amortization. The assistance is recorded in First position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Truist Community Homeownership Incentive Program (CHIP) is open to homebuyers who will live in the home as their primary residence. A homebuyer education course is required.

Truist Community Homeownership Incentive Program (CHIP) sets its income limit as follows: Maximum income limit 'may apply' for CHIP; specific DC dollar limits were not published on the official page. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Truist Community Homeownership Incentive Program (CHIP) can be used for Single Family, Condo, Townhouse, and Manufactured. New construction is eligible. Manufactured homes are eligible.

Truist Community Homeownership Incentive Program (CHIP) serves homebuyers purchasing in Washington, District of Columbia. The program targets specific areas: Washington, DC: up to 100% funding within the Washington-Arlington-Alexandria, DC-VA-MD-WV MSA; up to 97% funding for properties outside the MSA.

Applications for Truist Community Homeownership Incentive Program (CHIP) go through Truist Bank, which publishes the current terms and the application steps on its own site. Funds are reserved through Through a Truist mortgage loan officer; eligibility by property geography. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.