Truist Mortgage Review 2024 (2024)

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We found Truist to be an extremely affordable mortgage lender for first-time and low-income homebuyers. It offers a variety of low down payment mortgage options, including a 0% down option with no private mortgage insurance through its Community Homeownership Incentive Program. But it doesn't rank very high in customer satisfaction.

Truist Home Mortgage

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On Bankrate's website

Insider’s Rating



Offers many types of loans, including ones specifically aimed at first-time and low-to-middle income borrowers

Recommended Credit


Minimum Down Payment


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

Understanding Truist Mortgages

Formed from SunTrust and BB&T Merger

Truist was formed in 2019 as the result of a merger between SunTrust and BB&T, two banks that operated largely in the southern part of the U.S.

Lending Area

Truist doesn't lend in Arizona, Alaska, or Hawaii.

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.

Loan Options

The types of mortgages you can get with Truist include:

  • Conforming loans
  • Jumbo loans
  • FHA loans
  • VA loans
  • USDA loans
  • HELOCs
  • Doctor loans
  • Construction-to-permanent mortgages

This lender has both conventional and government-backed 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 be able to help you find affordable mortgage programs or HFA loans in your state, which often come with down payment assistance.

Truist requires borrowers to have a credit score of at least 620, but may approve borrowers with no credit score using non-traditional credit depending on the loan.

Truist Mortgage Interest Rates and Fees

In our review of Home Mortgage Disclosure Act data, we found that Truist's mortgage rates were slightly lower than average.

Truist displays a handful of sample rates on its website. 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 HMDA data. This is on the low end compared to other lenders.

Truist Mortgage Overall Lender Rating

Loan Types: 4.5 out of 5

Truist is a strong mortgage lender with a wide range of loans to choose from. This includes basic options like conventional and government-backed mortgages, more niche types like doctor mortgages and construction loans, plus HELOCs.

Affordability: 5 out of 5

We think Truist is an extremely affordable lender with multiple low down payment mortgage options. Borrowers without a credit score may also be able to use non-traditional credit (such as rent payment history) to qualify with this lender.

Customer Satisfaction: 3 out of 5

In J.D. Power's most recent U.S. Mortgage Origination Satisfaction Study, Truist ranked right around the study average in customer satisfaction.

Trustworthiness: 5 out of 5

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.

Truist Mortgage Pros and Cons

  • Wide variety of loan options

  • Get a CHIP mortgage with 0% or 3% down with no PMI

  • Low average rates and fees

  • Can't see personalized rates online
  • Ranks average in customer satisfaction

Community Homeownership Incentive Program Offers Affordable Mortgages

One of Truist's standout features is its Community Homeownership Incentive Program. CHIP allows down payments of 0% or 3% without having to pay for PMI. However, it's only available in 17 states and Washington, DC.

Doesn't Stand Out in Customer Service

Truist ranked around the industry average in J.D. Power's 2023 Mortgage Origination Satisfaction Study, which measures customer satisfaction. We also saw some online reviews suggesting that some borrowers have issues with this lender's customer service.

What Borrowers Are Saying About Truist Mortgage

Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Truist Mortgage.

Some Borrowers Report an Unhelpful Customer Service Experience

We saw a number of complaints about Truist Mortgage's customer service, saying they were unhelpful or difficult to get ahold of.

This doesn't necessarily mean you'll have a bad experience with Truist. You might want to consider getting preapproved with this lender and using that to get a sense of what their customer service and mortgage experience is like.

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 on some of their loans for borrowers with no score.

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. And it offers 3% down options with mortgage insurance for those who qualify.

Guild also has mortgages that allow borrowers to put down as little as 3% with mortgage insurance.

Guild Mortgage Review

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.

Carrington Mortgage Services Review

Truist Mortgage FAQs

Are SunTrust and BB&T now Truist?

Yes. In 2019, the banks SunTrust and BB&T merged to form Truist.

Are Truist mortgage rates competitive?

Truist's average mortgage rates are on the low end compared to other lenders, according to HMDA data.

Is Truist Bank legit?

Yes, Truist Bank is a legitimate bank and mortgage lender headquartered in Charlotte, North Carolina.

Does Truist Bank have a good reputation?

Yes. Truist is the seventh largest bank in the U.S, and it has an A+ rating from the BBB.

What credit score do you need for a Truist mortgage?

Truist requires at least a 620 credit score on its conventional loans.

How is the customer service with Truist for mortgages?

Truist ranked average in J.D. Power's latest satisfaction study, which measures customer satisfaction. We also saw some complaints about its customer service from previous borrowers. But that doesn't mean you'll have a bad experience with this lender.

Can I get preapproved for a mortgage with Truist?

Yes, you can apply for preapproval online, over the phone, or at a Truist branch.

What are some alternatives to Truist?

You should get quotes from both larger lenders like Truist as well as smaller, local lenders or banks to compare offers and make sure you're getting the best deal.

Why You Should Trust Us: How We Reviewed Truist Mortgage

For our review of Truist, we used our methodology for reviewing mortgage lenders.

We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.

Molly Grace

Mortgage Reporter

Molly Grace is a mortgage reporter for Business Insider with over six years of experience writing about mortgages and homeownership.ExperienceIn addition to her daily mortgage rate coverage, Molly also writes mortgage lender reviews and educational articles on homebuying and analyzes data and economic trends to give readers actionable and up-to-date information about the housing market.She also tracks affordable mortgage and down payment assistance programs offered throughout the country to keep her readers informed of homebuyer programs available to them.Before Business Insider, Molly was a blog writer for Rocket Companies and helped to create Rocket Mortgage’s Shorty Award-winning podcast Home. Made.Molly is passionate about covering personal finance topics with empathy. Her goal is to make homebuying knowledge more accessible, especially for groups that may think homeownership is out of reach.ExpertiseMolly is an expert in the following topics:

  • Mortgages and mortgage lenders
  • Home equity
  • The housing market
  • The economy and the forces that impact mortgage rates
  • Budgeting and saving
  • Credit
  • Insurance
  • Retirement savings

EducationMolly earned a bachelor's degree in journalism from Indiana University.She is based in Michigan and has a dog and two cats.

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Truist Mortgage Review 2024 (2024)


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