Truist mortgage review: Affordable lender with many options for first-time homebuyers
Truist; Rachel Mendelson/Insider
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Overall lender rating
| Feature | Insider rating (out of 5) |
| Loan types | 4 |
| Affordability | 4.5 |
| Customer satisfaction | 3 |
| Trustworthiness | 5 |
| Total | 4.13 |
Pros and cons
| Pros | Cons |
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Truist mortgage interest rates
When you scroll down on Truist's
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.
Truist vs. Guild Mortgage
Truist bank | Guild Mortgage |
Types of mortgages Conforming, jumbo, FHA, VA, USDA, HELOC, Community Homeownership Incentive Program, doctor mortgage, construction-to-permanent mortgage | Types of mortgages Conforming, jumbo, FHA, VA, USDA, renovation, reverse, manufactured home, energy-efficient, doctor mortgage |
Alternative forms of credit Yes | Alternative forms of credit Yes |
Truist and Guild Mortgage both stand out for their ample mortgage offerings and affordability. Both accept alternative forms of credit, though Truist only allows this for certain mortgage types when the borrower has no credit score.
For borrowers who meet income limits, Truist offers its Community Homeownership Incentive Program mortgages, which allow down payments as low as 3% with no mortgage insurance requirement. Truist also offers a few other 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.
Truist vs. Carrington Mortgage Services
Truist bank | Carrington Mortgage Services |
Types of mortgages Conforming, jumbo, FHA, VA, USDA, HELOC, Community Homeownership Incentive Program, doctor mortgage, construction-to-permanent mortgage | Types of mortgages Conforming, jumbo, FHA, USDA, VA |
Alternative forms of credit Yes | Alternative forms of credit Yes |
Truist has a few more mortgage offerings than Carrington Mortgage Services, but credit-challenged buyers may find more affordability with Carrington.
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, 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 can put down 3% 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 down payment assistance programs in your state.
Truist requires borrowers to have a credit score of at least 620, but may approve borrowers with no credit score under certain circumstances.
Truist's customer service is available Monday through Friday, 8 a.m. to 8 p.m. ET, and Saturday 8 a.m. to 5 p.m.
Is Truist 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.
In J.D. Power's most recent Primary Mortgage Origination Satisfaction Study, Truist ranked below the industry average.
Truist mortgage FAQ
Are SunTrust and BB&T now Truist?
Yes. In 2019, the banks SunTrust and BB&T merged to form Truist.
Is Truist a good lender?
Truist may be a good option for you if you're a first-time or low-income homebuyer looking for affordable mortgage options, since this lender has a few different low down payment options, including one that doesn't require private mortgage insurance. However, Truist ranked below average on J.D. Power's Primary Mortgage Origination Satisfaction Study, which gauges how satisfied borrowers are with their mortgage lenders.
What are Truist's mortgage rates?
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.