Home Loans

Loan Types

Let Community Bank help find the right loan for you!

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Conventional Fixed or Arm rate Down payment as low as 3% Maximum loan amount $510,400
FHA Fixed Rate Minimum 3.5% down payment Gift down payment allowed from family member
VA Fixed rate Qualified Veteran 0% down payment
No mortgage insurance
Construction Fixed rate 80% of appraised value Interest only line of credit
Home Equity Line of Credit Fixed or Arm rate Maximum 80% of home value Line of credit or fixed payment

Pre-Approval

A pre-approval will simplify your home buying experience. We will verify your credit, income, and assets. Community Bank will then provide you a letter with the approved loan amount for your realtor.

Pre-approval documentation:

  • W-2’s (last 2 years)
  • Paystubs (last 30 days)
  • Personal information
  • Type of loan

Frequently Asked Questions

+ Do I need a down payment?

Typically a down payment is needed to purchase a home. Some programs allow for 0% down. The interest rate and if mortgage insurance is required are factors of the down payment.

+ What is mortgage insurance?

Mortgage insurance is a type of insurance that protects the lender in case of a default. Typically, transactions when less than 20% down payment is made require mortgage insurance.

+ How is my interest rate determined?

Rates are determined by loan purpose, credit score, collateral value, and loan amount.

+ How long will the loan process take?

Depending on how quickly required documents are submitted, the process will take 30-45 days.

Mortgage (+ Insurance and Taxes)