|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|
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.
- 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.