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Community Bank offers a variety of loan programs to meet your needs. We work with the leading lenders in the industry to provide:
 
Conventional Loans
FHA Loans
Rural Housing Loans
VA Loans

Conventional Loans

A conforming loan adheres to the guidelines established by Fannie Mae or Freddie Mac. These guidelines establish maximum loan amounts, down payment, credit and income requirements and acceptable property types. Lenders that make loans according to these guidelines may sell them to Fannie Mae or Freddie Mac. Conforming loans make up the majority of loans in the U.S.

Conventional loans for purchase are in the form of a traditional single loan. The program requires a 5% down payment with maximum amounts up to $417,000. The PMI premiums are based on the amount of down payment and are eliminated once you reach 20% down. With many options for conventional loans, consult your loan officer for more information on conventional loan types.

Term: 30 years   Maximum Amount: $417,000

FHA Loans

FHA, also known as the Federal Housing Administration, operates under the control of the Department of Housing and Urban Development (HUD) and has the primary responsibility for administering the government home loan insurance program. This program allows buyers who might otherwise not qualify for a home loan to obtain one because the risk is removed from the lender by FHA.

The most popular FHA home loan program nationwide is the 203(b) FHA home loan that only requires a minimum of 3.5% from the borrower and permits 100% of their money needed to close to be a gift from a relative, non-profit organization, or government agency. The maximum loan limits for this program are $271,050. There is an upfront funding fee for this program that can be financed into the loan.

The main advantage to a FHA home loan is that the credit criteria for a borrower are not as strict as FNMA or FHLMC. Someone who has had a few credit problems might not have a problem obtaining FHA financing. In addition, the seller must pay for part of the "traditional" closing costs (called non-allowable costs) while a borrower's allowable costs can partially be wrapped into the loan. 100% of the down payment and closing costs can be gifted

Term: 30 years   Maximum Amount: $271,050

Rural Housing Loans

Under the terms of the program, an individual or family may borrow up to 100% of the appraised value of the home. This program eliminates the need for a down payment and in some cases can include your closing costs. This program also eliminates the monthly PMI figured into your mortgage payment. Since a common barrier to owning a home for many low-income people is the lack of funds to make a down payment, the availability of the loan guarantees from RHS makes the reality of owning a home available to a much larger percentage of Americans. The home must be located in specific rural areas as determined by the local Rural Developement office, but this can cover areas that you might not consider as rural, making this loan type worth investigation.
 
There is no maximum loan amount for Rural Development Loans. There are, however, income limits for each individual County.


VA Loans

These loans are often made without any down payment at all, and frequently offer lower interest rates than ordinarily available with other kinds of loans. Aside from the veteran's certificate of eligibility and the VA-assigned appraisal, the application process is not much different than any other type of mortgage loan. If the lender is approved for automatic processing, as more and more lenders are now, a buyer's loan can be processed and closed by the lender without the wait time typical of VA loans in the past.




Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $484,350 for the contiguous states, District of Columbia, and Puerto Rico or below $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $484,350 for the contiguous states, District of Columbia, and Puerto Rico or exceed $636,150 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.