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Truist Home Mortgage
Types of Loans Offered
Conforming, jumbo, FHA, VA, USDA, HELOC, Community Homeownership Incentive Program, doctor mortgage, construction-to-permanent mortgage
- Wide variety of affordable mortgage options
- Easy-to-use online platform
- Borrowers with no credit score may still be able to qualify
- Can’t see personalized rates online
- Doesn’t disclose lender fees online
Insider’s Take
We found Truist to be one of the most affordable mortgage lenders for first-time and low-income homebuyers. It offers a wide variety of affordable mortgage options for first-time homebuyers and other cash-strapped buyers, including a 0% down option with no private mortgage insurance
Product Details
- In 2019, BB&T and SunTrust merged to form Truist
- Doesn’t lend in Arizona, Alaska, or Hawaii
- Minimum credit score and down payment displayed are for conforming mortgages
Truist Mortgage: Overall Lender Rating
Truist Mortgage: Pros and Cons
Truist Mortgage Interest Rates and Fees
When you scroll down on Truist’s main mortgage page, you’ll see sample rates for some of its mortgage offerings. You can also see how these rates change when one discount point is added. Discount points enable you to lower your interest rate by paying for the points upfront at closing.
If you want a customized rate, you’ll need to create an account and start an application or call and speak to a loan officer.
In 2022, the average borrower getting a conforming mortgage from this lender paid $2,117 in origination charges, according to Home Mortgage Disclosure Act data. This is on the low end compared to other lenders.
Compare Truist to Other Mortgage Lenders
Truist vs. Guild Mortgage
Truist and Guild Mortgage both stand out for their ample mortgage offerings and affordability. Both accept alternative forms of credit. Truist only allows this for certain mortgage types when the borrower has no credit score. Guild’s Complete rate program allows those with no score to use alternative credit, such as rent payment history, on its government-backed loans.
For borrowers who meet income limits, Truist offers its Community Homeownership Incentive Program mortgages, which allow down payments as low as 0% with no mortgage insurance requirement. Truist also offers a few 3% down options with mortgage insurance for those who qualify, though these options may be restricted to low-to-middle-income borrowers or first-time homebuyers.
Guild also has mortgages that allow borrowers to put down as little as 3% with mortgage insurance. It can help connect you with down payment assistance programs in your county, as well. In our guide to the best online mortgage lenders, Guild is our top pick.
Truist vs. Carrington Mortgage Services
Truist has a few more mortgage offerings than Carrington Mortgage Services, but credit-challenged buyers may find more affordability with Carrington, which was our top pick in our guide to the best low credit score mortgage lenders.
While Truist has its Community Homeownership Incentive Program mortgage, 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 scores as low as 500.
How Truist Mortgages Work
If you’re interested in getting a mortgage with Truist, you can apply online or get started over the phone. This lender also has some physical branches with loan officers if you prefer to apply in person, but only in some, mostly southern, states. Truist doesn’t lend in Arizona, Alaska, or Hawaii.
The types of mortgages you can get with Truist include conforming, jumbo, FHA, VA, USDA, HELOC, doctor, 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 Truist’s Community Homeownership Incentive Program mortgage may be able to put no money down with no mortgage insurance.
If you don’t meet the requirements for any of these low down payment options, you’ll need to put at least 5% down. Your loan officer may also be able to help you find affordable mortgage programs in your state.
Truist requires borrowers to have a credit score of at least 620, but may approve borrowers with no credit score depending on the loan.
Truist’s customer service is available Monday through Friday from 8 a.m. to 8 p.m. ET, and Saturday from 8 a.m. to 5 p.m.
Is Truist Mortgage Trustworthy?
Truist currently has an A+ rating from the Better Business Bureau. BBB grades are based on honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
Truist has no recent public controversies.
In J.D. Power’s most recent US Mortgage Origination Satisfaction Study, Truist ranked right around the study average in customer satisfaction.
Truist Mortgage FAQs
Yes. In 2019, the banks SunTrust and BB&T merged to form Truist.
Truist mortgages rank high in affordability and customer satisfaction, and they’re a particularly good option for first-time and low-income homebuyers.
You can find sample mortgage rates on Truist’s website, but to get a personalized rate, you’ll have to apply or speak with a loan officer.
Yes, Truist Bank is a legitimate bank and mortgage lender headquartered in Charlotte, North Carolina.
Truist is the sixth largest bank in the US, and it ranked average in J.D. Power’s most recent Mortgage Origination Satisfaction Study. It also has an A+ rating from the BBB.
Truist requires at least a 620 credit score on its conventional loans.
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