The program you choose will depend on your income, credit history, interest rates, available cash, and how long you intend to live in the home. Contact a lender to find out the best option for you.

Fixed-Rate Mortgage
A mortgage in which the interest rate does not change during the entire term of the loan. The borrower’s interest and principal payments remain the same each month.

Adjustable-Rate Mortgage (ARM)
A mortgage loan in which the interest rate adjusts based on market conditions. A financial index determines the interest rate. This mortgage provides a lower interest rate, with a risk of higher monthly payments if the rates go up. You may consider an ARM if you are confident you can handle increased payments or plan to move in a few years.

USDA Rural Housing Loans
Available to owner occupied 1 unit primary residences only.* Property must meet FHA standards and Rural Development Thermal Criteria. These are fixed rate mortgages that do not require a down payment.
* Property eligibility is limited to USDA RHS designated “rural” areas.

FHA Loans
Offered through the Federal Housing Administration (FHA) whose primary objective is to assist in providing housing opportunities for low-to-moderate income families. These require a low down payment. There are no income limits. Please call your mortgage lender for qualifying loan amounts.

VA Loan
Offered through the Veterans Administration (VA) to assist qualified veterans in purchasing a house with no down payment. There is no monthly mortgage insurance required for veterans who go through the VA.

Bridge Loans
Tap the equity in a current home to provide the down payment on a new home to tide you over until your current home is sold. During the “gap” period, you normally pay only the interest that accrues on your former home. The loan is repaid after the home has sold or at the end of the term, whichever comes first.

Jumbo Loans
Available for homes that exceed conforming loan limits imposed by Fannie Mae or Freddie Mac. Please call your mortgage lender for qualifying loan amounts. CNB can offer fixed rate or adjustable rates with this program.

Construction Loan
Work with an approved contractor to build your new home and easily transition to a permanent mortgage loan.

Physician Loan Program
Available to physicians coming out of residency to start a full-time practice. The loan term will be amortized at 30 years or less. Proof of employment with a contract is required.

During the pre-approval process, your lender will work with you to find the right product and term that best fits your financial goals. To obtain pre-approval, a lender evaluates your credit history and calculates your housing and debt ratios. Pre-approval is free of charge. You should expect to verify your income, length of employment, and source of down payment.

Your lender will request the following information:

• Employment: Employer info, pay stubs, W-2 forms, and/or signed federal tax returns
• Other Income: Pension, disability, social security, support and/or rental income
• Assets: Bank statements and any other assets
• Liabilities: List of all creditors
• History: Landlord address, current mortgage payments, and/or bankruptcy
• Other information may be requested based on your situation

A pre-approval letter shows the seller and/or the realtor that you are a serious buyer. If a lender denies pre-approval, you should investigate immediately. Without pre-approval, your chances of obtaining a mortgage loan are jeopardized. If a lender bases the decision, in part, on information in your credit report, you have the right to receive a free copy of the report.

Questions about how much your payment will be, or whether refinancing makes sense for you? Check out our Mortgage Calculators to help you!