The Truist CHIP program

What CHIP offers

• As little as 0%–3% down, with a minimum borrower contribution of about $500 of your own money.
• No mortgage insurance. That’s the headline — most low-down-payment loans (FHA, low-down conventional) carry monthly mortgage insurance, and this one doesn’t, which lowers the payment.
• Lender credit and eligible gift funds can be used toward closing costs.

Who qualifies (current as of 2026)

• You generally qualify by meeting income limits for the area or by buying in a designated census tract — so even higher earners can sometimes qualify based on the neighborhood.
• The home is your primary residence.
• Credit and debt requirements are set by Truist as the lender — there’s no separate government rulebook here.

The catch: it’s Truist-only, in limited areas

Because CHIP is Truist’s own product, you have to finance through Truist to use it, and it’s offered in limited geographic areas. Whether it’s available for a specific Charlotte-area address, and whether you meet the income or census-tract test, are both things a Truist loan officer confirms. I can point you to one and help you weigh it against the other options.

How it compares

CHIP’s “no mortgage insurance” is its strongest feature. If you’re not near a Truist branch or don’t qualify, the government down payment assistance programs and zero-down loans like VA and USDA cover more buyers and more homes. It’s worth putting CHIP next to those and comparing the actual monthly payment, not just the down payment.

What I do, and what a lender does

I’m a broker, not a lender, and I’m not affiliated with Truist — so I won’t quote a rate, a payment, or a guarantee of approval. A Truist loan officer confirms CHIP eligibility and the real numbers. What I do is make sure the option is on your radar, connect you with a Truist contact, and represent you through the offer, inspections, and closing.