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Loan Types
Let Community Bank help find the right loan for you!
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Additional Borrowers
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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
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.
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.
Rates are determined by loan purpose, credit score, collateral value, and loan amount.
Depending on how quickly required documents are submitted, the process will take 30-45 days.
Financial Calculators