Innovative financing solutions
C&F Mortgage products and programs
At C&F Mortgage, we provide the best financing options to meet your specific goals. We are equipped with the right loan solutions and years of industry expertise to enable us to exceed your expectations.
We have access to the financing solution to meet your individual needs!
C&F portfolio options
C&F 7-Year Balloon with 30-Year Amortization, C&F 7-Year Balloon with 30-Year Amortization 270-day Extended Lock, C&F Permanent Rate Buydown & C&F Asset Depletion Product
Low to no down payment options
Fannie Mae HomeReady, Freddie Mac Home Possible, FHA, USDA, VA, Virginia Housing & FHLB Grant funds
First-time homebuyer options
Fannie Mae HomeReady, Freddie Mac Home Possible, FHA, USDA, VA, Virginia Housing, FHLB Grant funds and Maryland Community Development Administration
Down payment assistance and grant fund options
Virginia Housing, FHLB Grant funds and local state and city sources may have additional grant fund options available
Military veteran options
VA, Virginia Housing, FHLB Community Partners Product and local state and city sources may have additional grant fund options available.
Rural community options
USDA
Renovation options
FHA 203k, Fannie Mae Homestyle and VA Renovation
Jumbo loan options
State housing finance agency options
Virginia Housing
Construction options
Condo loan options
Condo options are available on many of our loan programs. Contact us to learn more.
Variable loan term options
Variable loan term options are available on many of our loan programs. Contact us to learn more.
Manufactured housing options
Contact us to learn more.
Primary, Second home and Investment property options
Primary, second home and investment property options are available on many of our loan programs. Contact us to learn more.
Non-QM options
Sometimes unique circumstances or challenging scenarios can push borrowers outside of traditional financing guidelines. Luckily, at C&F Mortgage we offer non-QM mortgage options that expand the financing solutions available to help make homeownership possible. Learn more >>>
Looking for affordable housing finance opportunities?
Buying a home is one of the largest investments people will make in their lives, and C&F Mortgage is dedicated to providing innovative financing solutions to make this dream a reality. There are many affordable housing opportunities available to help make home financing more attainable.
C&F Portfolio Options
C&F 7-Year Balloon with 30-Year Amortization
This portfolio product, offered by C&F, provides the opportunity for homeowners to finance a higher-priced home at a lower rate for 7 years with a 30-year amortization. This allows the monthly payment to be lower than a 30-year fixed rate throughout the term of the loan and then the remaining balance is due and payable at the end of the 7-year term (known as a balloon payment). Refinance options may be available for this remaining balance. This program is based on a 20% down payment with an initial period of 7 years amortized for 30 years. At the end of the balloon period, the balance is due and payable. This is an excellent option for borrowers looking to lock into a lower rate for an extended period of time in a rising rate environment.
Program Highlights
Up to $1,000,000 loan amount
Single unit properties only
Primary and second home options available
VA and NC homes only
80% maximum loan-to-value | 70% maximum loan-to-value on second home
Ability to use qualifying assets for income qualification regardless of borrower's age
Streamlined application and approval process
Fixed rate for 7 years with a balloon payment feature at the end of the 7-year term
Property address required
C&F 7-Year Balloon with 30-Year Amortization 270-day Extended Lock
Within this product, C&F offers a 270-day extended lock option. A mortgage extended lock is an opportunity to secure a specific interest rate for a period longer than the standard lock period, which is typically 30 to 60 days. This extended lock provides borrowers with protection against potential interest rate fluctuations during an extended timeframe, allowing them to secure a predetermined rate even if the loan closing takes more time.
Program Highlights
Extended lock available up to 270 days
0.50 point due upfront and refunded at closing
Property Address Required
Option to float down C&F Mortgage product/rate prior to close
Refundable .50 Point may be used towards rate buydown
View full product description under C&F 7-Year Balloon with 30-Year Amortization
C&F Permanent Rate Buydown
Looking for an opportunity to lower your mortgage interest rate in a rising rate environment? C&F’s 7-year balloon with 30-year amortization product offers the ability for the rate to be permanently bought down by 1.25% in rate. The cost of this is a below market fee of 2.25 points which can be paid by the seller. For example, if the note rate is 6.25%, the buydown would reduce the rate for the term of the loan to 5.00%.
This allows the monthly payment to be lower than a 30-year fixed rate throughout the term of the loan and then the remaining balance may be refinanced at the end of the 7-year term (known as a balloon payment). This program is based on a 20% down payment with an initial period of 7 years amortized for 30 years. At the end of the balloon period, the balance is due and payable.
Must meet qualifying criteria for the program
Rate can be bought down by builder, seller or borrower
Up to $1 million loan amount
C&F Asset Depletion Product
An asset depletion mortgage allows you to qualify for a mortgage by converting liquid assets into income. This is a great option for borrowers who don’t have traditional sources of income and documentation like W2s, pay stubs, or tax returns, such as the self-employed, retirees, and high-net-worth individuals.
This portfolio product, offered by C&F, provides the opportunity for homeowners to finance a higher-priced home at a lower rate for 7 years with a 30-year amortization. This allows the monthly payment to be lower than a 30-year fixed rate throughout the term of the loan and then the remaining balance may be refinanced at the end of the 7-year term (known as a balloon payment). This program is based on a 20% down payment with an initial period of 7 years amortized for 30 years. At the end of the balloon period, the balance is due and payable.
Program Highlights
Up to $1 million loan amount
Single unit properties only
Primary and second home options available
VA and NC homes only
80% maximum loan-to-value on primary | 70% maximum loan-to-value on second home
Ability to use qualifying assets for income qualification regardless of borrower's age
Streamlined application and approval process
Fixed rate for 7 years with a balloon payment feature at the end of the 7-year term
Extended lock options available
Conventional Options
A conventional loan is a mortgage that is not part of a specific government program. Homebuyers may choose a conventional loan because they offer the best interest rates and loan terms — usually resulting in a lower monthly payment. Homeowners may also choose a conventional loan if they have 20% to put down and avoid mortgage insurance.
As low as 3% down payment if first-time homebuyer
As low as 5% down payment if not first-time homebuyer
Ideal for borrowers with stronger credit history
Fannie Mae HomeReady
This program offers expanded eligibility guidelines to help borrowers achieve homeownership.
Program Highlights
As low as 3% down payment
Lower mortgage insurance (MI) options
Flexible down payment sources
Comprehensive homeownership education
Income limits vary by location
Freddie Mac Home Possible
This program offers more options and credit flexibilities than ever before to help mid-to-low income borrowers attain the dream of owning a home.
Program Highlights
As low as 3% down payment
Lower mortgage insurance (MI) options
Flexible down payment sources
Comprehensive homeownership education
Income limits vary by location
HomeReady & Home Possible Very Low-Income Purchase (VLIP) Program
With a low down payment and expanded financing flexibility, HomeReady & Home Possible offer a solution that works for today’s creditworthy low-income borrowers – whether they’re first-time or repeat buyers. In addition to the down payment requirement of as little as 3%, a new benefit of a $2,500 credit for very low-income borrowers can help overcome two of the greatest barriers to homeownership – down payment and closing costs.
Program Highlights
$2,500 mortgage credit
As low as 3% down payment
First-time or repeat homebuyers
50% maximum of the Area Median Income
Flexible down payment sources
2-1 Buydown Mortgage product
The 2-1 Buy Down Mortgage Product provides the opportunity for homeowners to temporarily lower the interest rate during the first two years in exchange for an upfront additional fee. This loan program is favorable in a higher interest rate environment because it enables lower monthly payments during the first 2 years.
- Year 1: In the first year, the interest rate is 2% lower than the note rate
- Year 2: In the second year, the interest rate is 1% lower than the note rate
- Year 3 & Beyond: Once the first two years are completed, interest is calculated at the note rate
Program Highlights
Borrower must qualify at the note rate
Standard agency guidelines apply
Only seller funds can be used to buy down the interest rate
Borrower funds cannot be used
Eligible on Conventional, FHA, and VA loans
Primary, single family residence only
FHA Loans
The Federal Housing Administration (FHA) offers flexible lending programs that provide mortgage solutions to qualified borrowers.
Program Highlights
As low as 3.5% down payment
Purchase and refinance options available
More credit flexibility
Monetary gifts from family accepted toward down payment, closing costs, discount points, and other prepaid expenses allowed
Good Neighbor Next Door Program (GNND) allowed (only available on FHA REO properties)
USDA Loan
This loan program is offered through the Rural Housing Service, an agency of the U.S. Department of Agriculture, and is designed to assist low and moderate income residents by providing better access to affordable housing finance options including little out-of-pocket costs in eligible areas.
Program Highlights
Up to 100% financing
No cash reserves requirements
Closing costs can be financed if certain requirements are met
More credit flexibility
No first-time homebuyer requirement
Property must be primary residence
Income and credit restrictions apply
Limited to "rural" areas as designated by USDA
Purchase only
VA Loan
This loan program is a government lending option designed to make homeownership affordable for qualified US veterans or surviving spouses.
Program Highlights
Up to 100% financing (purchase only)
More credit flexibility
No monthly mortgage insurance
No first-time homebuyer requirement
Gift funds acceptable for closing costs
A variety of terms or loan types available
Purchase or refinance
Renovation Options
FHA 203(k)
FHA 203(k) loans are backed by the Federal Housing Administration (FHA) and designed to help borrowers finance a home that needs significant repairs.
Used for remodeling and repairs
Purchase or refinance
Primary residence only
Loan amount based on the lesser of as-completed value of the home or sales price, plus the total cost of renovation
Requires only 3.5% down payment
Allows monetary gifts from family
Minimum renovation of $5,000 for Standard (Maximum based on project specifications)
Maximum renovation of $75,000 for Limited (No minimum)
Fannie Mae Homestyle
Allows for the financing of all improvements that are fixed on the property that add value, including luxury items permanently attached such as swimming pools and patios (cannot exceed 75% of as completed value).
Purchase or refinance
Primary, second home or investment property
Requires as little as 5% down on primary residences and 10% down on second homes and investment properties
VA Renovation
Allows VA qualified borrowers to borrow up to 100% of the lesser of the sales price plus repairs or the “after approved” value of the home
Purchase or refinance
Primary residence only
Up to $50,000 in repairs
Construction Options
If borrowers are building a new home, C&F has access to all the tools they’ll need: lot loans, construction financing, permanent mortgage, and local industry experts to facilitate the entire process. Contact us to learn more!
C&F Two-Time Close Construction Loan Program
A 2x construction to permanent loan provides funding for both the construction and subsequent permanent financing of a home. The loan initially covers the construction phase, and upon completion, converts into a long-term mortgage.
Program Highlights
Low construction rate and loan fees
Interest-only payments during construction
Up to 90% financing available (loan amount restrictions apply)
No mortgage insurance required during the construction phase
Jumbo, rehab and second home options available
Use your current land as equity for down payment
Lot loans up to 70% loan-to-value with multiple term options and competitive rates
C&F One-Time Close Construction Loan Program
This portfolio product, offered by C&F, provides the opportunity for homeowners to finance both the construction of their dream home and the permanent financing through a one-time streamlined loan closing. This program offers a 12-month construction term, followed by a 30-year amortized permanent mortgage with a 7-year balloon.* At the end of the construction phase, the borrower may have the option to:
- Modify to a permanent secondary market fixed rate mortgage at the current market rate
- Or, remain as a 7-year balloon product – loan must be paid off or refinanced at the end of the 7-year term
This product is an excellent option for those looking to build their dream home.
Program Highlights
One-Time Close Construction to Permanent loan with option to roll to permanent 7-year balloon OR modify to secondary market fixed rate mortgage at current market rate once construction is completed
90% Loan-To-Value up to conforming high balance loan limit on primary residence only
80% Loan-To-Value up to $1 million loan amount on primary and secondary residence
70% Loan-To-Value $1,000,001 to $1.5 million loan amount on primary residence only
Modification to secondary market fixed rate mortgage only applies on loan amounts up to conforming high balance loan limit
Monthly mortgage insurance required on Loan-To-Value over 80%
Interest-only payments during construction
VA and NC homes only
* C&F 7-Year Balloon: This program is a 30-year amortized permanent mortgage with a 7-year balloon. This allows the monthly payment to be lower than a 30-year fixed rate throughout the term of the loan and then the remaining balance is due and payable at the end of the 7-year term (known as a balloon payment). This program is based on a 20% down payment with an initial period of 7 years amortized for 30 years. Refinance options may be available for this remaining balance.
Jumbo Options
This is a loan when the loan amount exceeds the conforming loan limits set by the government. Contact us to learn more about our specific Jumbo options.
Program Highlights
Loans up to $3 million on primary residences
Loans up to $2 million on second homes
Financing on 1-unit investment properties
90% LTV on loans up to $900k (mortgage insurance required; 1-unit primary only)
89.9% LTV - no MI required on loans up to $1 million (1-unit primary only)
Financing on condos available
Cash-out refinances and ARMs available
C&F Mortgage is a Top Virginia Housing Lender.
Virginia Housing offers affordable housing opportunities for Virginians who otherwise might not be able to afford quality housing.
Conventional Product
- The Virginia Housing Conventional loan provides affordable financing for first-time and repeat homebuyers.
- As low as 3% down payment required
- Affordable monthly payment
- Helps existing homebuyers “move up”
- As low as 1% down with Virginia Housing DPA Grant
- Could help to reduce existing mortgage payment
- Available for first-time and repeat buyers
- Eligible for Virginia Housing’s Down Payment Assistance grant (DPA) (restrictions apply)
- Eligible for Mortgage Credit Certificate (MCC) (restrictions apply)
- Available for limited cash-out transactions as well as purchases
- Eligible for Virginia Housing’s Plus Second Mortgage.
Conventional No Mortgage Insurance (MI) Product
- The Virginia Housing Conventional No Mortgage Insurance (MI) loan provides affordable monthly payments, with no mortgage insurance required.
- As low as 3% down payment required
- Affordable monthly payment
- Helps existing homebuyers “move up”
- As low as 1% down with Virginia Housing DPA Grant
- Could help to reduce existing mortgage payment
- Monthly payment is lower than other government/conventional loan programs
- No monthly mortgage insurance requirement
- Available for first-time and repeat buyers
- Eligible for Virginia Housing’s Down Payment Assistance grant (DPA) (restrictions apply)
- Eligible for Mortgage Credit Certificate (MCC) (restrictions apply)
- Available for limited cash-out transactions as well as purchases
FHA Product
- Virginia Housing offers several types of federal government loans for first-time homebuyers. These loans are eligible for Virginia Housing grants that reduce the out-of-pocket expenses for qualified borrowers. Homebuyers who qualify for one of these loans may also take advantage of Virginia Housing’s Mortgage Credit Certificate program.
- FHA insured
- As low as 3.5% down payment
- Liberal credit qualifying
- As low as 1% down with Virginia Housing DPA Grant
- Eligible for Virginia Housing’s Down Payment Assistance grant (DPA) (restrictions apply)
- Eligible for Mortgage Credit Certificate (MCC) (restrictions apply)
- Eligible for Virginia Housing’s Plus Second Mortgage
VA Product
- Virginia Housing offers several types of federal government loans for first-time homebuyers. These loans are eligible for Virginia Housing grants that reduce the out-of-pocket expenses for qualified borrowers. Homebuyers who qualify for one of these loans may also take advantage of Virginia Housing’s Mortgage Credit Certificate program.
- VA guaranteed
- As low as 0% down payment
- Liberal credit qualifying
- Eligible for Virginia Housing’s Closing Cost Assistance (CCA) grant
- Eligible for Mortgage Credit Certificate (MCC)
USDA Product
- Virginia Housing offers several types of federal government loans for first-time homebuyers. These loans are eligible for Virginia Housing grants that reduce the out-of-pocket expenses for qualified borrowers. Homebuyers who qualify for one of these loans may also take advantage of Virginia Housing’s Mortgage Credit Certificate program.
- USDA guaranteed
- As low as 0% down payment
- Low mortgage insurance
- Eligible for Virginia Housing’s Closing Cost Assistance (CCA) grant
- Eligible for Mortgage Credit Certificate (MCC)
Virginia Housing Plus Second Mortgage
- The Virginia Housing Plus Second Mortgage eliminates the down payment requirement for qualified first-time homebuyers by pairing an eligible Virginia Housing first mortgage with a Virginia Housing second
mortgage to cover the down payment. - Eliminates funds needed for a down payment
- Helps to keep total mortgage payment affordable
- Could eliminate funds needed at closing
- Increases homeownership for first-time and specific repeat buyers
- Higher income limits assist buyers who don’t qualify for grant funds
- Can be paired with Mortgage Credit Certificate (MCC) program
Closing Cost Assistance (CCA) Grant
- The Closing Cost Assistance Grant reduces the out-of-pocket expenses
for borrowers applying for either a Rural Housing Service (RHS) or Veterans Affairs (VA) loan. This grant makes these 100% financing programs even more affordable. - Could eliminate funds needed for closing
- No repayment required
- Can be paired with Mortgage Credit Certificate (MCC)
- First-time buyer required
Down Payment Assistance (DPA) Grant
- This grant program gives qualified first-time homebuyers a percentage of their purchase price to be used toward the down payment.
- Program Highlights:
- Receive up to 2.5% of the purchase price for FHA loans or 2% for Fannie Mae
- Borrower must contribute at least 1% of the sales price (money can come from a gift)
- Can be used with Virginia Housing Fannie Mae, Virginia Housing FHA & Virginia Housing MCC programs
- No repayment required
- Cannot be combined with VA, USDA, Plus Loans, Virginia Housing Conventional bond or other down payment assistance programs
- Must meet income limits
FHLB Down Payment Assistance and Grant Funds
Through our partnership with the Federal Home Loan Bank (FHLB), we are proud to offer these grant funds to be used toward your down payment or closing costs.
First-Time Homebuyer Program
To help you get your homeownership journey started, this grant program can assist first-time buyers in accessing funds for down payment and closing costs incurred when purchasing a home. Funding is available to qualified first-time buyers.
- Up to $17,500 in grant funds
- Available for qualified first-time homebuyers (or homebuyers who have not owned a home in the past 3 years)
- Income limits apply
- Must contribute at least $1,000 toward the purchase of the home
- Must occupy the home as the primary residence for at least five years
- Complete a homebuyer education and financial literacy course specified by the FHLBank Atlanta
- All funds available on a first come first serve basis
- Properties in certain counties in Virginia, Maryland and North Carolina
Community Partners Product
Through our partnership with the Federal Home Loan Bank of Atlanta, we are proud to offer down-payment and closing cost assistance to those who spend their lives assisting others.
- Up to $20,000 in grant funds
- No first-time buyer requirement
- Available for qualified current or retired law enforcement officers, educators, healthcare workers, firefighters, other first responders, veterans and active-duty military, or their surviving spouse who are purchasing a home
- Income limits apply
- Must contribute at least $1,000 toward the purchase of the home
- Must occupy the home as the primary residence for at least five years
- Complete a homebuyer education and financial literacy course specified by the FHLBank Atlanta
- All funds available on a first come first serve basis
- Properties in certain counties in Virginia, Maryland and North Carolina
FHLB Workforce Housing Plus+ Program
The FHLB Workforce Housing Plus+ grant program is intended to help with rising home prices and inflation by providing down payment and closing cost assistance to homebuyers. Borrowers who qualify are eligible to apply and receive up to $15,000 in grant funds.
- Up to $15,000 in grant funds
- First-time and non-first-time homebuyers buying a primary residence
- Income limits between 80.01% up to 120% of area median income (AMI)
- Income cannot be under 80% AMI
- $1,000 minimum contribution with a maximum of $250 cash back at closing
- Counseling required
North Carolina Housing Finance Agency Mortgage Products
The North Carolina Housing Finance Agency has assisted thousands of North Carolinians in purchasing homes with an array of financing options that make buying a new home affordable.
NC Home Advantage Mortgage™
For both first-time and move-up home buyers, our NC Home Advantage Mortgage™ provides qualified individuals with stable, fixed-rate mortgages and down payment assistance up to 3% of the loan amount. The Agency also offers a $15,000 down payment assistance option—the NC 1st Home Advantage Down Payment—just for first-time buyers and military veterans who meet additional eligibility criteria. Repayment of all of our down payment options is required only if you sell, refinance or transfer your home before year 15—the down payment assistance is forgiven at 20% per year at the end of years 11–15, with complete forgiveness at the end of year 15.
NC 1st Home Advantage Down Payment
If you are a first-time home buyer or military veteran and qualify for an NC Home Advantage Mortgage™, you may be eligible for $15,000 in down payment assistance with the NC 1st Home Advantage Down Payment. This down payment help is a 0%, deferred second mortgage, which is forgiven 20% per year at the end of years 11-15, with complete forgiveness at the end of year 15.
Chase Community Lending Program
The Chase Community Lending Program was created to help underserved customers by offering a 1.50 point pricing incentive on conventional loans originated in communities they have designated as underserved communities. This program can significantly improve pricing to help increase qualification and save money for borrowers.
1.50 point pricing incentive on conventional loans
Must be in designated census tract
As low as 3% down payment options available
Flexible income limitations
Purchase or refinance
Non-QM Mortgage Options
Sometimes unique circumstances or challenging scenarios can push borrowers outside of traditional financing guidelines. Luckily, at C&F Mortgage we offer non-QM mortgage options that expand the financing solutions available to help make homeownership possible.
95% LTV No MI
Foreign National
This mortgage product is for foreign nationals wanting to purchase or refinance a home in the United States. This is a DSCR program with a 1:1 ratio on cash flow. This means that this loan is incredibly easy to do – no income or U.S. credit required to qualify.
Bank Statement
Created for self-employed borrowers to purchase or refinance. Since tax returns are not required, this could be a great option for credit worthy self-employed homebuyers!
Asset Qualifier
Perfect for Borrowers With High Net Worth and Significant Assets
No Ratio Loan Program
The goal of this program is to boost homeownership amongst underserved and underbanked communities. A No Ratio mortgage is a financing solution that can make the dream of homeownership real, even without the standard documentation needed for a traditional mortgage. This flexible loan option is available when purchasing or refinancing primary or secondary homes.
Investor Cash Flow
Property Investors Can Build Their Portfolios Faster With Our Investor Cash Flow Program.
Non-Warrantable Condos
The demand for condos is increasing and getting approved for a loan is easy when you work with us!
Platinum Jumbo
The “Just Missed” Borrower Can Qualify Using Our Non-QM Jumbo Solutions. Our Jumbo Program Helps You Close More Loans!
ITIN Mortgage Loan
Individual Tax Identification Number (ITIN) loans are for borrowers who do not have Social Security numbers. Borrowers with ITIN cards can qualify for a mortgage as long as they meet the eligibility requirements. This loan product is a full doc non-QM mortgage offering flexibility for individuals residing in the U.S. without requiring a Social Security card.
Portfolio Select
A full-doc product that offers borrowers all the flexibility, features and benefits of non-QM programs.
1099 Program
This is a great loan for a self-employed borrower who is a 1099 earner who cannot qualify for a full doc mortgage loan. Even better is that we will look at the most recent 1099 statements from one to two years ago!
Interest Only
Lower Your Monthly Payments With an Interest Only Home Loan.
DSCR Loan
A DSCR loan, or debt service coverage ratio loan, is a type of mortgage used for purchasing short-term or long-term rental investment properties. With a DSCR loan, borrowers can qualify for a mortgage based on a property’s rental analysis. No personal income or employment information is required to qualify. Debt service coverage ratio or DSCR is a measurement of a property’s expected cash flow to determine ability to repay a mortgage loan. It is calculated by dividing the borrower’s net operating income by their debt obligations, including the debt payment.
The information contained herein (including but not limited to any description of the company and its lending programs and products, eligibility criteria, interest rates, fees and all other loan terms) is subject to change without notice. Restrictions apply. This is an advertisement and not a commitment to lend. C&F Mortgage Corporation NMLS# 147312 Equal Housing Lender.
C&F University
C&F Mortgage is focused on helping all homebuyers navigate the home financing journey with ease. We’ve built robust tools and resources to allow you to expand your mortgage knowledge and build home-buying confidence.