Truist Community Homeownership Incentive Program (CHIP)
Mortgage with 0% to 3% minimum down payment, no mortgage insurance, and up to 100% financing in the Washington, Baltimore, and Richmond metros
CHIP is a Truist mortgage product, not a grant. In the metro areas Truist lists, including Washington-Arlington-Alexandria, Baltimore-Columbia-Towson, and Richmond, the bank offers up to 100% financing, so no down payment is required for eligible buyers. In other qualifying areas the floor is 3% down. There is no mortgage insurance. You need at least $500 of your own money, and sellers can contribute up to 6% toward closing costs. Lender credits and gifts are allowed.
Funding was available the last time we checked.
Last verified Sep 23, 2026. Program terms change; confirm with the administrator before you rely on them.
At a glance
- Amount
- Mortgage with 0% to 3% minimum down payment, no mortgage insurance, and up to 100% financing in the Washington, Baltimore, and Richmond metros
- Type of help
- Other help
- Where
- Nationwide
- Run by
- Truist Bank, Mortgage
- First-time buyer
- Repeat buyers welcome
- Income limit
- Yes, see below
- Homebuyer education
- Not required
- Your own funds
- At least $500
How the other help works
A special purchase path, discount, or loan type that lowers what you need at closing.
- Monthly payment: Yes
Who qualifies
- Repeat buyers welcome.
- Income. Truist states that income limits may apply and vary by location. Ask the bank for the cap for the property's metro area (checked 2026-09-23).
- Property types: Primary residence, Condo, Manufactured home. Must be your primary residence.
- You must get the mortgage from Truist. CHIP is available only in limited geographic areas, and Truist says markets can change without notice.
- Truist lists the Washington, Baltimore, and Richmond metro areas among those with up to 100% financing. Other eligible areas top out at 97%.
How to apply
- 1Ask a Truist loan officer whether the property's metro area is on the current CHIP list and whether it qualifies for 100% or 97% financing. Sean does not steer buyers to any lender; this is only the path if you choose this bank.
- 2Get pre-approved on CHIP and confirm the income limit for that metro area, if one applies.
- 3Bring at least $500 of your own funds. Ask about lender credits, gifts, and seller contributions to cover the rest of your closing costs.
- 4Compare the total monthly payment against an FHA or conventional option with mortgage insurance before you commit.
Watch out for
- No down payment still means closing costs and prepaid items. Seller credits up to 6%, gifts, and lender credits are how CHIP buyers cover them.
- This is a portfolio product with its own pricing. No mortgage insurance is attractive, but compare the rate and total payment with other options.
- Third-party sites have described Truist grants of various sizes. Truist's own affordable lending page did not list a grant amount when we checked, so treat any grant figure as unconfirmed until a Truist loan officer puts it in writing.
- Geography and terms change without notice. Confirm the current list before you rely on 100% financing.
A no-mortgage-insurance loan with nothing down in the DC and Baltimore metros is unusual. If your income fits, have Truist price it next to an FHA loan and look at the total payment, not just the down payment.
Straight answers
Is CHIP a grant?
No. It is a mortgage product with a low or no down payment and no mortgage insurance. Truist's page mentions lender credits and gifts as allowed sources but did not list a grant amount when we checked.
Do I have to be a first-time buyer?
Truist's page does not list a first-time requirement for CHIP. Income limits may apply depending on where the home is.
Which DMV areas qualify for 100% financing?
Truist listed the Washington-Arlington-Alexandria, Baltimore-Columbia-Towson, and Richmond metro areas among those with up to 100% financing when we checked. Confirm the property with the bank.
Sources
- Truist, Down Payment Assistance, Grants and Loans for Homebuyers (CHIP terms and disclosures) (read Sep 23, 2026)
- Truist, Community Homeownership Incentive Program market list (read Sep 23, 2026)
Program details are summarized from public sources and change without notice. Funding badges reflect the last time we checked, not a guarantee of availability. This is buyer education from a real estate agent, not a loan pre-approval or a commitment to lend. Eligibility is decided by each program administrator and your lender. Equal Housing Opportunity.
Programs are the easy part. Timing is the hard part.
Most buyers lose assistance on a deadline, not on eligibility. Sean helps you map out the counseling, the lender conversation, and the contract dates so nothing slips.