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!

Low to no down payment options

Fannie Mae HomeReady, Freddie Mac Home Possible, FHA, USDA, VA, Virginia Housing, FHLB Grant funds, North Carolina Housing Finance Agency and Maryland Community Development Administration 

First-time homebuyer options

Fannie Mae HomeReady, Freddie Mac Home Possible, FHA, USDA, VA, Virginia Housing, FHLB Grant funds, North Carolina Housing Finance Agency and Maryland Community Development Administration  

Down payment assistance and grant fund options

Virginia Housing, FHLB Grant funds, North Carolina Housing Finance Agency and Maryland Community Development Administration. Local state and city sources may have additional grant fund options available

Military veteran options

VA, Virginia Housing, FHLB Community Partners Product, North Carolina Housing Finance Agency and Maryland Community Development Administration. Local state and city sources may have additional grant fund options available.

Rural community options

USDA

Renovation options

FHA 203k, Fannie Mae Homestyle, VA Renovation and C&F Renovation

State housing finance agency options

Virginia Housing, North Carolina Housing Finance Agency and Maryland Community Development Administration

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.

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.

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As low as 3% down payment if first-time homebuyer

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As low as 5% down payment if not first-time homebuyer

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Ideal for borrowers with stronger credit history

Fannie Mae HomeReady

This program offers expanded eligibility guidelines to help borrowers achieve homeownership.
Program Highlights

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As low as 3% down payment

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Lower mortgage insurance (MI) options

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Flexible down payment sources

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Comprehensive homeownership education

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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

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As low as 3% down payment

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Lower mortgage insurance (MI) options

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Flexible down payment sources

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Comprehensive homeownership education

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Income limits vary by location

FHA Loans

The Federal Housing Administration (FHA) offers flexible lending programs that provide mortgage solutions to qualified borrowers.
Program Highlights

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As low as 3.5% down payment

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Purchase and refinance options available

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More credit flexibility

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Monetary gifts from family accepted toward down payment, closing costs, discount points, and other prepaid expenses allowed

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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

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Up to 100% financing

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No cash reserves requirements

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Closing costs can be financed if certain requirements are met

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More credit flexibility

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No first-time homebuyer requirement

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Property must be primary residence

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Income and credit restrictions apply

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Limited to "rural" areas as designated by USDA

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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

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Up to 100% financing (purchase only)

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More credit flexibility

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No monthly mortgage insurance

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No first-time homebuyer requirement

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Gift funds acceptable for closing costs

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A variety of terms or loan types available

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Purchase or refinance

Renovation Options

FHA 203(k)

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FHA 203(k) loans are backed by the Federal Housing Administration (FHA) and designed to help borrowers finance a home that needs significant repairs.

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Used for remodeling and repairs

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Purchase or refinance

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Primary residence only

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Loan amount based on the lesser of as-completed value of the home or sales price, plus the total cost of renovation

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Requires only 3.5% down payment

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Allows monetary gifts from family

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Minimum renovation of $5,000 for Standard (Maximum based on project specifications)

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Maximum renovation of $35,000 for Limited (No minimum)

Fannie Mae Homestyle

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Allows for the financing of all improvements that are fixed on the property that add value (including luxury items permanently attached, including swimming pools and patios).

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Purchase or refinance

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Primary, second home or investment property

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Requires as little as 5% down on primary residences and 10% down on second homes and investment properties

VA Renovation

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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

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Purchase or refinance

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Primary residence only

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Up to $50,000 in repairs

Construction Options

If you are building a new home, C&F has access to all the tools you’ll need: lot loans, construction financing, permanent mortgage and local industry experts to facilitate the entire process. Contact us to learn more about our specific construction options. 
Program Highlights

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Low construction rate and loan fees

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Interest-only payments during construction

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Up to 90% financing available (loan amount restrictions apply)

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No mortgage insurance required during the construction phase

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Jumbo, rehab and second home options available

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Use your current land as equity for down payment

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Lot loans up to 70% loan-to-value with multiple term options and competitive rates

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

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Loans up to $3 million on primary residences

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Loans up to $2 million on second homes

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Financing on 1-unit investment properties

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90% LTV on loans up to $750k (mortgage insurance required; 1-unit primary only)

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85% LTV - no MI required on loans up to $1 million (1-unit primary only)

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Financing on condos available

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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. 

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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
Mortgage Credit Certificate
  • A Mortgage Credit Certificate (MCC) from Virginia Housing could save you thousands of dollars by reducing the amount of federal income tax you owe each year. This is a dollar-for-dollar credit toward your federal income tax liability.
  • The annual credit is equal to 10% of the annual mortgage interest you pay.
  • The MCC is effective for the life of the mortgage, as long as requirements
    are met and the loan is not refinanced.
  • Could lower federal income taxes owed
  • No cost to homebuyer to receive
  • Reduces cost of homeownership
  • First-time buyer required
  • When used with a Virginia Housing first Mortgage product and approved Virginia Housing Lender
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
  • Up to $7,500 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 and Maryland
Community Partners Product
  • Up to $10,000 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 and COVID-related essential workers (as defined by state/local level) 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 and Maryland

C&F Mortgage is a Top Maryland Mortgage Program Lender.

The Maryland Mortgage Program (MMP), provided by the Maryland Department of Housing and Community Development (DHCD), provides 30-year fixed-rate home loans to eligible homebuyers purchasing in Maryland with competitive loan terms and a range of associated financial incentives and other assistance that, for many homebuyers, means the difference between being able to purchase and continuing to rent.

MMP 1st Time Advantage

Offers eligible first-time homebuyers the lowest 30-year fixed interest rate available from the program for a home loan. (Mortgage credit certificates may not be layered with 1st Time Advantage loans.)

 

  • 1st Time Advantage Direct: No down payment assistance (DPA) available, but usually offers our most competitive interest rates. External sources of DPA may be used.
  • 1st Time Advantage 5000: Comes with a $5,000 loan for down payment and closing costs. This second lien has a 0% interest rate, and no payments are due for the life of the first mortgage. As soon as the first mortgage ends (repayment, refinance, transfer, sale, etc.), the second lien is due and payable. The $5,000 line is eligible for Partner Match funds, if applicable.
  • 1st Time Advantage 3% Loan: Comes with a DPA loan equal to 3% of the first mortgage in a zero percent deferred second lien.
  • Must meet qualifying criteria
Flex Loans

30-year, fixed-rate home loan products accompanied by additional funds for down payment and closing costs. The assistance is available in the form of no-interest, deferred loan or an outright grant (doesn’t get repaid).

 

  • Flex Direct: No down payment assistance (DPA) available, but offers our most competitive interest rates that can still get a mortgage credit certificate (MCC). External sources of DPA may be used.
  • Flex 5000: Comes with a $5,000 loan for down payment and closing costs. This second lien has a 0% interest rate, and no payments are due for the life of the first mortgage. As soon as the first mortgage ends (repayment, refinance, transfer, sale, etc.), the second lien is due and payable. The $5,000 line is eligible for Partner Match funds, if applicable.
  • Flex 3% Loan: Comes with a DPA loan equal to 3% of the first mortgage in a zero percent deferred second lien.
  • Flex 3% Grant: Comes with a grant equal to 3% of the first mortgage. Grant does not get repaid.
  • Flex 4% Grant: Comes with a grant equal to 4% of the first mortgage. Grant does not get repaid.
  • Must meet qualifying criteria
Partner Match
  • Available only with Maryland Mortgage Premier loans. Funds available through the Partner Match Program are provided in the form of a no-interest, deferred loan and may be used for down payment and closing costs.
  • These programs often include grants, loans and other helpful assistance, and you should begin research early in the home buying process to discover which programs may be available to you.​​​​​
  • If you’re using the 1st Time Advantage 5000 or the Flex 5000 loan products to purchase your home, any financial assistance you receive from one or more of these Partners is matched (up to $2,500) as additional down payment assistance. Just like the Loan Assist down payment assistance, this additional funding is available as a no-interest, deferred loan from the state, payable when the first mortgage is fully paid off.​​​​​
  • There are many organizations that have already been certified as Partners, and you can search Maryland CDA’s database of Employers, Homebuilders, Community Organization and Local Governments to find Partners that can help you.​​​​​
Maryland SmartBuy

Maryland SmartBuy 2.0 gives homebuyers an opportunity to purchase any home in Maryland that meets Maryland Mortgage Program guidelines while paying off student debt.

 

  • To qualify for the Maryland SmartBuy 2.0 program, homebuyers must have an existing student debt with a minimum balance of $1,000. Maryland SmartBuy 2.0 financing provides up to 15% of the home purchase price for the borrower to pay off their outstanding student debt with a maximum payoff amount of $30,000.
  • The full student debt for at least one of the borrowers must be paid off at the time of the home purchase, and homebuyers must meet all eligibility requirements for the Maryland Mortgage program.

North Carolina Housing Finance Agency

The North Carolina Housing Finance Agency offers unique mortgage products to give homebuyers the boost they need to buy their first home or move up to a new one.

NC Home Advantage Mortgage

The NC Home Advantage Mortgage provides eligible homebuyers with competitive interest rates and down payment assistance up to 5% of the loan amount. First-time homebuyers and military veterans with lower incomes may be eligible for the NC 1st Home Advantage Down Payment, which provides $8,000 in down payment help.

Program Highlights

  • Purchase a home in North Carolina
  • Occupy the home as their principal residence within 60 days of closing
  • Must meet qualifying criteria
NC 1st Home Advantage Down Payment

The NC 1st Home Advantage Down Payment provides eligible first-time homebuyers and military veterans with $8,000 in down payment assistance. Similar to the other down payment assistance options available with the NC Home Advantage Mortgage™, this down payment help is a 0 percent, deferred second mortgage, which is forgiven 20 percent per year at the end of years 11-15, with complete forgiveness at the end of year 15.

Program Highlights

  • Be a first-time buyer (not have owned a home as their principal residence in the past three years) or a military veteran or be buying a home in a targeted census tract
  • Meet income and sales price limits
  • Purchase a home in North Carolina
  • Be using an NC Home Advantage Mortgage™
  • Occupy the home as their principal residence within 60 days of closing
  • Must meet qualifying criteria
NC Home Advantage Tax Credit

 The NC Home Advantage Tax Credit could reduce your federal income tax liability by up to $2,000 per year if you apply and are approved for a Mortgage Credit Certificate (MCC) prior to the home purchase. The savings is for every year that you occupy the home as the primary residence. Existing (previously occupied) homes are eligible for a tax credit up to 30% of the annual interest paid, while newly built homes are eligible for a 50% tax credit.

Program Highlights

  • The MCC must be used in conjunction with a 30-year fixed rate mortgage, including FHA, USDA, VA and conventional loan types.
  • Be first-time buyers (not have owned a home as their principal residence in the past three years) or military veterans or be buying homes in targeted census tracts
  • Meet income and sales price limits
  • Purchase a home in North Carolina
  • Apply and be approved for the MCC prior to the home purchase
  • Occupy the home as their principal residence within 60 days of closing
  • Must meet qualifying criteria

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.

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