Relax—we don’t expect you to be a mortgage expert.

That’s what we’re here for! We love to assist our customers with the journey to homebuying. At C&F Mortgage Corporation, it’s our passion to walk you through what can potentially be an overwhelming process. In the meantime, feel free to browse through these educational resources to learn a little more about the programs we offer and explore the process of home financing.

At any time, contact a C&F Loan Officer for a free consultation.

 

  • Loan Programs

    This easy-to-read overview will help you compare our financing options so that together, we can choose the best one for you.

  • Calculators

    Use these handy resources to determine your anticipated homebuying costs.

  • Glossary

    Familiarize yourself with common terms you'll hear throughout the loan process.

  • Apply Now

Loan Process

 

C&F Mortgage Corporation's in-house processing capability allows us to completely manage your entire application, underwriting and closing—all under one roof. This eliminates delays and miscommunications you may experience with other mortgage companies, meaning that as a C&F customer, you reach your goal faster and without mistakes.

Contact us today to get started!

  

 

 

 

 

 

 

 

This is intended to provide a broad overview of the mortgage process. Each transaction is unique. Your C&F Loan Officer will provide specifics to your transaction throughout the process.

Contact a C&F Loan Officer for more information.

Loan Programs

C&F Mortgage Corporation offers a variety of reliable programs to assist all types of borrowers, from first-time homebuyers to long-term homeowners who are purchasing again or refinancing. Your loan officer will explain these products in detail and help you determine which loan is best for your individual situation.

Loan ProgramSummaryAdditional Features/Benefits
FHA Loans

An FHA loan may be right for you if:
You are a first-time or repeat homebuyer.

FHA loans are offered in conjunction with the U.S. government to help borrowers obtain financing with low payment structures and less stringent qualifying requirements.

  • Substantial down payment not required
  • Gift or grant moneys may be available to assist with down payment and closing costs.
Veterans Administration Loans

A VA loan might be right for you if:
You are a retired veteran, active duty military, National Guard or reservist buying or refinancing a home.

Veterans Administration (VA) loans are available to qualified veterans, active duty, reserves and National Guard personnel. Loans are residential mortgages allowing for the purchase or refinance of an owner-occupied home.

  • Low or no down payment options
  • Financing of VA funding fee
  • Seller may contribute to buyer's closing costs
  • Gift funds allowed
State Bond Programs

A State Bond Program may be right for you if:
You are a first-time homebuyer (not a requirement with all bond programs) and meet income and asset restriction limits.

These programs are primarily for first-time homebuyers with limited cash assets.

Income and asset restrictions will apply.

  • Low down payment
  • Competitive rates and closing costs
  • Down payment can be combined with gifts or grants
  • Available to borrowers with limited or alternative credit history
  • Future rental restrictions and recapture requirements may apply
RD Programs

An RD loan may be right for you if:
You are purchasing a residence located in a qualifying rural area. The program is available for both first-time homebuyers and repeat homebuyers.

Rural Housing Loans are designed to assist borrowers in qualifying rural areas to become homeowners. These loans offer a variety of unique and attractive features for qualifying borrowers.

  • Minimum cash investment and flexible qualifying requirements
Fixed Rate Mortgage
Conventional Loans

A conventional program may be right for you if:
You want a consistent monthly payment for the term of the loan.

Conventional loans have the advantage of a consistent interest rate for the term of the loan – payments will remain the same for the life of the loan.

  • Competitive rates and closing costs
  • Easy budgeting and long-term planning
  • PMI will be required if a 20% down payment is not made
ARM Programs

An ARM program may be right for you if:
You want to qualify for a higher loan amount and initially lower house payment, expect a future increase in income, or plan to relocate, refinance or move in the next few years.

Adjustable rate mortgages (ARM) offer lower initial interest rates. After a specified period, these rates adjust annually to a new rate. An ARM may be right for you if you want increased buying power or expect to move or see an increase in income before your mortgage adjusts.

  • Protects you with annual and lifetime rate caps
  • Conversion to fixed rate may be an option
Federal Home Loan Bank (FHLB) Grant Funds

A FHLB Grant Funds may be right for you if:
You are a first-time homebuyer and can contribute at least $1,000

FHLB Atlanta's First-time Homebuyer Program (FHP) provides up to $5,000 in matching funds for the down payments and closing costs of first-time homebuyers. Funding is provided as a 4-to-1 match.

  • Income must be less than or equal to 80% of HUD median income for the area, adjusted for family size
  • Purchased home must be used as the homebuyer's primary residence
  • Other restrictions apply (contact your C&F loan officer)
Investor Loans

An investment program may be right for you if:
You are purchasing or refinancing a property that is not your primary residence.

Investor loans are used to finance 1-4 investment properties with as little as 20% down payment.

  • Contact your C&F Loan Officer for additional details.
Reverse Mortgages

A reverse mortgage may be right for you if:
You are 62 or older, own and occupy your home as a primary residence, and have a zero or low mortgage balance.

A reverse mortgage enables homeowners ages 62 and over to safely and easily access the equity in their homes on a tax-free basis and without repayment.

The money may be used for almost anything, including monthly expenses, home purchase or repair, debt repayment, healthcare, taxes, gifts, or travel.

Contact Don Jordan for more information.

  • Receive your money all at once, via a line of credit, by monthly checks throughout a flexible term, or a combination of these options.
  • No payments until the home is sold, or the owners permanently move out or pass away.
  • You never owe more than the value of the property and you always own your home.
  • Any remaining equity when the home is sold goes to you or your estate.
  • Borrowers must receive reverse mortgage counseling from an approved agency and meet minimal income and credit requirements.

Contact a C&F Loan Officer for more information.

Required Documents

In order to provide you with an accurate pre-qualification and to process your loan application, your C&F Mortgage loan officer will ask you for a variety of documentation. Here’s a basic list of items generally needed, so that you can be prepared. (Please note that different programs require varying amounts of documentation.)

Once you have your files in order, contact us for a free, no-obligation consultation! And even if you don’t have it all sorted out yet, give us a call and we can help you get the ball rolling.

To get started:

  • Photo ID
  • Past 2 years of tax returns with all schedules and W-2 statements (not always required)
  • Pay stubs covering the last 30 days
  • Your three most recent monthly bank statements (not always required)

If you move forward:

  • Most recent transaction summary of 401(k), IRA, or Mutual Fund Accounts
  • Photocopies of any stocks or certificates of deposit
  • Copy of the purchase and sale agreement
  • If you are currently renting: either 12 months of canceled rent checks or the name and address of your current landlord
  • If divorced: a fully executed divorce decree
  • For a refinance: a copy of the deed and most recent tax bill
  • A letter of explanation for any known credit problems

For borrowers who are self-employed, employed in sales, paid by commission, or rental real estate owners:

  • 2 years signed personal tax returns, including all schedules
  • If self-employed through a corporation, last two years corporate returns as well as a year-to-date profit and loss statement and balance sheet

Contact a C&F Loan Officer for more information.

 

Interest Rates

Interest rates fluctuate daily, sometimes hourly, the best way for you to obtain your ideal rate is to contact an experienced C&F Mortgage loan officer.

Calculators

Use these handy resources to determine your anticipated homebuying costs, based on the interest rate, down payment, and the other variables of your unique situation.

Contact a C&F Loan Officer for more information.

 

Glossary

Familiarize yourself with common terms you’ll hear throughout the loan process.

Frequently Asked Questions

If you have a question, chances are someone else did too! Below, you will find answers to our most frequently asked mortgage questions for your convenience.

How can I help ensure a smooth loan process?

  • Keep the lines of communication open with your loan officer.
  • Respond quickly to requests for additional information or documents.
  • Be assured that we do not ask for more than is absolutely necessary based on current mortgage loan requirements.
  • Advise your loan officer immediately of any change to your financial profile: job change, additional debts, credit inquiries, etc. Serious consequences may result if you sign final closing documents without doing so. 

Why does the APR differ from the interest rate?

In addition to the interest rate, the APR also includes other costs like prepaid interest and mortgage insurance, as well as other fees. As a result, the APR is usually higher than your interest rate.

What is a Loan Estimate?

A Loan Estimate is a three-page form that you receive within three business days of your loan application.
The Loan Estimate discloses important details about the loan you requested, including monthly payments, estimated cash to close, and a detail of the closing costs involved in the transaction.

What is a Closing Disclosure?

At least three business days prior to closing you will receive a Closing Disclosure, which is a five-page document that gives you the final details of your loan. It outlines how much you are paying in fees and other costs to obtain your mortgage.

Can I become a homebuyer even if I have had some previous issues with my credit and/or do not have much for a down payment?

It is certainly possible. Please contact your C&F Loan Officer for a detailed analysis of your particular situation.

What is included in my monthly mortgage payment?

  • Principal: the repayment of the amount you actually borrowed
  • Interest: payment to the lender for the money you’ve borrowed
  • Homeowners’ Insurance: a monthly amount to insure the property against loss from fire, smoke, theft, and other hazards
  • Property Taxes: the annual city/county taxes assessed on your property
  • Mortgage Insurance: a monthly amount to insure the loan against a borrower defaulting. (not always required)

What does MI mean?

Mortgage insurance is usually required on a conventional loan any time that the down payment is less than 20% of the sales price (or the appraised value if the appraisal is lower than the sales price) of the property. Premiums vary based on the amount of down payment and credit scores. Higher coverage is required with a lower down payment to address the greater risk. This insurance protects the lender should you default on the loan and it’s required by the investor. On an FHA loan, it’s automatically required upfront and monthly.

What are closing costs and how can I anticipate what they will be?

Closing costs typically range between two to five percent of the purchase price of your house. You will receive a Loan Estimate outlining these costs within three days of your completed loan application.

What does it mean when you “lock in” a rate?

Mortgage interest rates can change daily and sometimes hourly. If your rate is locked, your rate will not change from the lock in date to the closing date as long as you close within the specific time frame and there are no changes to your loan application.

What is an escrow account?

Lenders put a portion of your monthly mortgage loan payment into an escrow account to cover your homeowner’s insurance, flood insurance if applicable, and your property taxes. When these payments are due, the lender pays them from your escrow account on your behalf.

How much do I need for a down payment?

The most frequently asked question when buying a home is usually “How much down payment are we going to need?” You may hear you need 20% of the purchase price but you can actually buy your home putting much less down. Call your C&F Loan Officer for loan programs that offer low down payment options.

What is a fixed rate mortgage loan (FRM)?

A fixed rate mortgage carries the same rate for the term of the mortgage loan. The interest rate and term are fixed at the start of the mortgage loan. The monthly amount for the payment of principal and interest will not change during the term of the mortgage loan, regardless of market conditions.

What are points and should I pay them?

Points and discount points are the same thing. They are percentage points of the loan amount. They are an elective fee that you may choose to pay at the time of closing. They reduce the interest rate that you pay. Your C&F Loan Officer will help you look at the options.

What is title insurance?

Title insurance is a policy that guarantees the accuracy of the title work done on your home at the time of purchase or refinance and is provided by the title company. As a buyer, you are required to purchase a lender title insurance policy, which only protects the mortgage company, as part of your standard closing costs. You can choose to purchase an owner title insurance policy, which would protect you against any loss in the event of any legal issues relating to the title of your home.

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