Truist uses several guidelines, including debt-to-income ratio (DTI) and credit score, to qualify a borrower for a conventional loan. While Truist doesn't specify a minimum credit score requirement, having a strong score would help you qualify and get good rates. Down payments for first-time home buyers range from as low as 0% for VA loans to 5% for Fannie Mae/Freddie Mac mortgage loans.
MoneyGeek’s Take
Truist Mortgage Review
Updated: November 4, 2024
Advertising & Editorial Disclosure
At a Glance: Truist Mortgages
- Truist
- Veteran Loan: 0% FHA Loan: 3.5% Fannie 97 Freddie HomeOne Mortgage Program: 3% HomeReady (Fannie Mae) & HomePossible (Freddie Mac): 3% Fannie Mae & Freddie Mac: 5% Agency: 5% Community Homeownership Incentive Program (CHIP): 3% Rural Development: 0% Minimum Down Payment
- Fixed-rate mortgages, jumbo loans, VA loans, adjustable-rate mortgages, FHA loans, doctor loans, construction-to-permanent loans and loan refinancingLoan Products Offered
- Most of the Truist branches are located in the south and east of the U.S. To find a branch or an ATM, you can access its location page.States of Operation
- YesOnline Application
The merger of the companies BB&T and SunTrust in 2019 resulted in the formation of Truist, a mission-driven financial services company. The bank is one of the top 10 U.S. commercial banks, headquartered in Charlotte, North Carolina, and serving customers in several high-growth markets across the country with a full range of financial services.
With Truist, you can buy and refinance a house at a fixed or adjustable rate. Jumbo loans are also available from Truist if you're looking to finance high-value properties. As an alternative, homeowners on a low-to-moderate income may take advantage of the HomeReady Mortgage program. Most Truist mortgage loans require at least a 3% down payment unless you qualify for a VA loan.
Like most lenders, you are subject to credit approval to qualify for a Truist mortgage loan. While the minimum score wasn't disclosed by Truist, prequalification is available, so you know if you qualify for a loan and determine your buying power. The bank will perform a soft credit check that will not affect your credit score.
The Truist mortgage application process is also straightforward. By completing a form online, you can finish the process within minutes.
In addition to mortgage products, Truist has other personal banking services, such as checking and savings banking, credit cards, personal loans, auto loans, investment, retirement and insurance.
However, the big downside of Truist is the fact that its mortgages are only available in 17 states.
Pros
- Easy and efficient online application process
- Sample rates are available on the Truist website
- Several online tools like calculators and a homebuyer's guide
- Offers a wide range of loan options such as special programs for doctors and construction loans
- Offers prequalification by pulling a soft credit history
Cons
- Only available in 17 states
- Doesn't provide customized rates without a mortgage application
- Branch locations are limited for borrowers who prefer applying in person
The merger of the companies BB&T and SunTrust in 2019 resulted in the formation of Truist, a mission-driven financial services company. The bank is one of the top 10 U.S. commercial banks, headquartered in Charlotte, North Carolina, and serving customers in several high-growth markets across the country with a full range of financial services.
With Truist, you can buy and refinance a house at a fixed or adjustable rate. Jumbo loans are also available from Truist if you're looking to finance high-value properties. As an alternative, homeowners on a low-to-moderate income may take advantage of the HomeReady Mortgage program. Most Truist mortgage loans require at least a 3% down payment unless you qualify for a VA loan.
Like most lenders, you are subject to credit approval to qualify for a Truist mortgage loan. While the minimum score wasn't disclosed by Truist, prequalification is available, so you know if you qualify for a loan and determine your buying power. The bank will perform a soft credit check that will not affect your credit score.
The Truist mortgage application process is also straightforward. By completing a form online, you can finish the process within minutes.
In addition to mortgage products, Truist has other personal banking services, such as checking and savings banking, credit cards, personal loans, auto loans, investment, retirement and insurance.
However, the big downside of Truist is the fact that its mortgages are only available in 17 states.
Truist Mortgage Loan Types, Details and Requirements
Depending on the lender, application requirements and terms may vary. Rates and features will also differ among loan types. In this MoneyGeek Truist mortgage review, we outline the important features you need to know.
Mortgage Types Offered
- Fixed-rate
- Jumbo
- VA
- Adjustable-rate
- FHA
- Doctor
- Construction-to-permanent
- Refinancing
Mortgage Rates
Truist advertises an APR of 6.1% for a 30-year fixed loan on its website. However, rates depend on several factors, including the current mortgage rates, the housing market and individualized factors like mortgage type, loan amount, mortgage term, credit score and property location.
If you would like a personalized quote, complete their prequalification process or call 844-4TRUIST (844-487-8478) to speak with one of their licensed loan officers.
Additional Fees
You may be charged for certain mortgage-related services from Truist. Below is a list of those fees. Remember that this isn't a complete list of all the costs associated with a given account.
- Late charge: If the monthly mortgage payment is not received within the grace period, there is a late fee. Charges depend on the contractual amount, type of loan and state regulations.
- Return payment fee: This is a fee imposed by a financial institution when a payment is rejected for any reason (e.g., insufficient funds in the account). Fees vary by state from $0–$50.
- Consolidation, extension, modification agreement (CEMA): This fee reduces a borrower's state mortgage taxes when combining two or more loans into one consolidated loan. The fee is $1,500.
- Partial release fee: Fees that are associated with releasing some of the collateral used for the mortgage loan. The fee is $100, except for NC and NY, where there is no partial release fee.
- Recast/reamortization fee: The borrower is charged a fee to reamortize the loan, usually after significant reductions have been made to the loan. This fee typically ranges from $0–$250, depending on your state.
- Payoff statement fee: This is the amount assessed when providing a statement of the unpaid balance of a mortgage, including principal, interest and any other charges due under or secured by the mortgage. This fee is usually limited to no more than $15.
Minimum Borrowing Requirements
Truist follows a qualifying guideline in approving borrowers and determining their maximum loan amount. Although it doesn’t specify a specific credit score requirement, it encourages borrowers to have fair to excellent ratings and a good DTI to get the best rates.
In terms of down payments, the amount ranges from a minimum of 3%–5%, depending on the type of loan. For government-backed loans like VA loans, the down payment requirement is 0%.
Truist Mortgage Application Requirements
Applicants for Truist mortgage loans must submit personal information and documents that prove their financial standing, including:
- 1
Personal information (e.g. name, phone number, address, birthdate)
- 2
Social Security number
- 3
Employment information (e.g. employer name, address, employer corporate phone number, start date, job title, years in profession, pay type, annual base salary, annual bonuses, annual overtime pay, annual commission)
- 4
Cash, investment and retirement accounts that you'll use for your down payment and closing costs
- 5
Real estate properties owned, if applicable
- 6
Demographic info (gender, ethnicity, race)
READ MORE MORTGAGE REVIEWS
Is Truist Right for You?
Choosing the right mortgage lender depends on your individual circumstances and needs. MoneyGeek can help you decide if Truist matches your lender preferences.
Who Truist Is Perfect For
Due to its wide variety of loan products, Truist makes an excellent choice for many aspiring homebuyers. Truist’s competitive APR and low down payment requirement for a conventional mortgage loan are also appealing to first-time homebuyers. Furthermore, those eligible for VA loans can purchase a home from Truist with no down payment.
Its online system also appeals to homebuyers who want to know within minutes whether they qualify for a loan.
Who Should Not Choose Truist
Unfortunately, most Americans cannot access Truist mortgages, as the company limits its services to just 17 states. If you live in one of the 33 other states, you’ll need to find a different lender. In addition, if you prefer applying for loans in person, Truist might not be your perfect fit, as its physical branches are somewhat limited.
How to Apply for a Truist Mortgage Loan
You can start your application online and upload all the required documents, such as proof of income and identity. Alternatively, you can contact a licensed loan originator who can guide you through the process.
After beginning the application, you'll need to upload, sign and submit the necessary info, such as:
- Social Security number
- Employment information (e.g. employer name, address, employer corporate phone number, start date, job title, years in profession, pay type, annual base salary, annual bonuses, annual overtime pay, annual commission)
- Cash, investment and retirement accounts that you'll use for your down payment and closing costs
Additional paperwork may be required depending on the borrower. The signed purchase agreement must also be uploaded and the rate must be locked in.
- 1
Prequalify
Check if you qualify for one of Truist's mortgage products online. Within minutes, you'll have a decision and know what your options are.
- 2
Wait for Pre-Approval
A pre-approval indicates how much Truist is willing to lend you. A rough estimate of the amount you will need to pay each month will also be provided. Using this information, you can compare offers from various lenders.
- 3
Fill Out Application Form
You can officially start your application online and upload the necessary documents, such as your proof of identity and income. Another option is to call a licensed loan originator and have them guide you through the process.
- 4
Wait for Approval
Your documents will be reviewed by Truist's underwriting team, and a credit check will be conducted. You will be notified if additional tasks or documents need to be completed.
- 5
Review Loan Agreement
Truist will send your loan agreement once your loan is approved. Review the loan agreement for details regarding fees and rates. Check all the details and make sure you understand everything.
- 6
Sign Loan Agreement
If everything in the document is acceptable to you, you can sign it. While the entire process is conducted online, you can contact a Truist representative via text, phone or email if you need guidance.
- 7
Wait for Approval
Depending on the loan, the approval process can take between 30 and 60 days. Provide as much information upfront as possible to avoid delays. The application process may move more quickly if you were preapproved for a loan before applying for it.
During this time, do not delay in responding to any and all requests for more documentation. You should not quit your job, purchase a new vehicle or open a new line of credit while waiting. This can alter your debt ratio, which may prevent you from obtaining the loan.
- 8
Closing
An official closing disclosure will be sent to you by Truist to confirm your loan. Examine this document and prepare for the closing when you'll meet the real estate broker and the closing agent. Typically, the meeting is held at a lawyer's office, a title company's office or another agreed-upon location.
- 9
Make Payments
The final step is for you to make your payments. You can pay your Truist home loan online by logging into your account. Payments can be made manually each month or automatically through autopay.
What to Do if You Are Rejected by Truist
Your loan application is not a guarantee of approval, and lenders have the right to deny your request. Applicants with poor credit scores, low income or a lack of credit history may have their loan application denied.
If you have been rejected, consider reaching out to a Truist representative to find out why your application was denied and to see if it is possible to modify the terms before trying again with Truist or another lender. You should hold off on applying for another loan until you have addressed the reason your application was denied in the first place.
Additional information and resources can also be obtained from your bank, a financial advisor or a loan officer. Researching other options will also be helpful, depending on your situation. By doing so, your chances of getting approved will increase.
Frequently Asked Questions About Mortgages From Truist
MoneyGeek's Truist mortgage loan review provides information you can use to make an informed decision. Here are some of the most frequently asked questions about Truist's mortgage products.
What types of properties are eligible for Truist mortgage loans?
Truist’s loan products cover various property types, including houses, condos, manufactured homes and more. It's best to speak with a loan officer from Truist for more details.
Who can apply for a Truist mortgage?
Those with a good credit score and sufficient credit history may qualify for a Truist mortgage loan.
What types of mortgage loans does Truist offer?
Truist offers conventional, jumbo, HomeReady and refinancing loans with fixed and adjustable rates.
Is there a borrowing limit for Truist mortgages?
Truist doesn’t disclose the maximum loan amount for borrowers. The best way to know your customized quote would be to prequalify for a mortgage loan or speak with a Truist loan officer.
What is the minimum down payment Truist will accept?
Depending on the type of mortgage loan, borrowers can put down as little as 3% of the purchase fee. If you qualify for a VA loan, however, you need zero down payment.
Does Truist require private mortgage insurance (PMI)?
If you put down a 20% down payment, you don't have to pay PMI. However, if you opt for a smaller down payment, you will need PMI until you pay off 20% of the principal.
Does Truist require a property appraisal?
Yes, an appraisal of the interior and exterior of your home is required for conventional loans.
About Christopher Boston
Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.
Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.
sources
- Truist. "About Truist." Accessed November 4, 2024.
- Truist. "Accessibility." Accessed November 4, 2024.
- Truist. "Affordable Mortgage Options." Accessed November 4, 2024.
- Truist. "Buy a Home." Accessed November 4, 2024.
- Truist. "Planning for Homeownership." Accessed November 4, 2024.