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View All Loan Programs

We are focused on finding the best program for you. Below are all of the programs we offer:

2-1 Buydown Loan

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. 

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C&F Portfolio Loan

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.

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Conventional Loan

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 rates and terms.

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2-1 Buydown Loan

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:

arrow-circle Borrower must qualify at the note rate

arrow-circle Standard agency guidelines apply

arrow-circle Only seller funds can be used to buy           down the interest rate

arrow-circle Borrower funds cannot be used

arrow-circle Eligible on Conventional, FHA, and VA         loans

arrow-circle Primary, single family residence only

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C&F Portfolio Loan

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:

arrow-circle Up to $1,000,000 loan amount
arrow-circle Single unit properties only
arrow-circle Primary and second home options        available
arrow-circle VA and NC homes only
arrow-circle 80% maximum loan-to-value | 70%      maximum loan-to-value on second        home
arrow-circle Ability to use qualifying assets for          income qualification regardless of          borrower’s age
arrow-circle Streamlined application and                    approval process
arrow-circle Fixed rate for 7 years with a balloon      payment feature at the end of the 7-      year term
arrow-circle Property address required

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  Conventional Loan

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.

Program Highlights:

arrow-circle As low as 3% down payment
arrow-circle Lower mortgage insurance (MI)              options
arrow-circle Flexible down payment sources
arrow-circle Comprehensive homeownership            education
arrow-circle Income limits vary by location

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FHA Loan

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

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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.

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VA Loan 

This loan program is a government lending option designed to make homeownership affordable for qualified US veterans or surviving spouses.

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Renovation Loan

FHA 203(k), Fannie Mae Homestyle, VA Renovation renovation options make your next home project possible.

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Construction Loan

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.

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Jumbo Loan

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. 

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Virginia Housing Loan

Virginia Housing offers affordable housing opportunities for Virginians who otherwise might not be able to afford quality housing.

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FHLB 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.

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MMP

The Maryland Mortgage Program (MMP), provides 30-year fixed-rate home loans to eligible homebuyers purchasing in Maryland.

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Chase Community Lending Program

This program helps underserved customers by offering a 1.50 point pricing incentive on conventional loans originated in underserved communities.

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Non-QM Mortgage Options

we offer non-QM mortgage options that expand the financing solutions available to help make homeownership possible.

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Conventional Loan

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.

2-1 Buydown Loan

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.

FHA Loans

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

C&F Portfolio Loan

Buying a home is a large investment. Fortunately, there are many affordable housing opportunities available to help make home financing more attainable from low-to-no down payment options to down payment and closing cost assistance grants and more. Did you know you could have as low as a 0% down payment to buy a home?

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.

VA Loan

This loan program is a government lending option designed to make homeownership affordable for qualified US veterans or surviving spouses.

Renovation Options

FHA 203(k), Fannie Mae Homestyle, VA Renovation renovation options make your next home project possible.

Home Financing Process

We are focused on you and helping you navigate your home financing journey. Below is a snapshot of the process:

CFMortgage_CFuniversityInset
1. Contact your C&F local industry expert

Meet with a C&F loan officer either online or in-person and submit your mortgage application. After initial review, you will then be pre-qualified for a mortgage loan.

2. Find your dream home

During this period, your C&F loan officer can provide estimates for homes you may be interested in while you work with your real estate agent to find the right home.

3. You’ve got a contract!

Once you are under contract we will regroup, update
any expired documents and discuss your initial loan disclosure package.

4. Processing

After your disclosure package has been signed, your loan will move to processing where information will be gathered to submit to underwriting. Services, such as an appraisal and title, will be ordered. During this time, your interest rate will likely be locked in and you will receive a Loan Estimate.

5. Underwriting

The underwriting department will decision your loan and will likely be conditionally approved, meaning it’s approved as long as certain criteria are met. Your C&F loan officer and processor will contact you to collect any additional documentation needed for underwriting conditions and resubmit your loan for final approval if necessary.

6. Closing

Once your loan is through underwriting, it will move to our closing department. Our closer and your settlement agent will work on preparing your final figures. You will receive a closing disclosure to sign no later than 3 business days prior to closing.

7. Congratulations! You now own your home!

On the day of closing, you will sign your closing package and get the keys to your dream home!

After the Loan Closes

There are certain logistics you will need to be aware of as it relates to homeownership. This can vary by each individual’s needs, but below we’ve compiled some high level items for you to think about:

Paying your mortgage

Visit our mortgage payment information page

Set up utilities

  • Electric / Gas
  • Water & Sewer
  • Cable & Internet
  • Garbage & Recycling
  • Security system
  • Phone service

Transition to your new address

  • USPS mailing address
  • Financial agencies (Bank, credit card companies, third party transaction institutions)
  • Government agencies (IRS, Social Security Administration, State Tax Agency, Voter registration, DMV)
  • Your employer
  • Loan providers
  • Insurance companies
  • Medical providers
  • Other:
    • Magazines
    • Subscription services
    • Clubs or organizations

Credit Education

What makes up credit?

  • Payment History 70% 70%
Making payments on time is essential for building a high credit score
  • Amount Owed 30% 30%
Credit utilization is a significant factor in determining your score, and ideally, it will be 30% or lower
  • Length of Credit History 15% 15%
The longer your credit history, the better – this is one instance where student loans can be a benefit to you
  • Credit Types 10% 10%
It’s important to have a diverse mix of revolving and installment credit
  • New Credit 10% 10%
Hard credit inquiries can lower your score, so it’s important to limit credit applications unless necessary
What is credit?
In short, credit means receiving something of value at present while promising to pay for it later over time. In most cases, paying your debt back over time will include some type of finance charge by the lender, in the form of interest. Credit can provide the opportunity to have things that otherwise may be out of reach if they cannot be paid for in full.

Everyone has a credit score, which is a measure of how creditworthy an individual is. Credit agencies keep track of your payment history, debt, the number of accounts open, and more to calculate a number, which becomes your credit score. The range is between 300-850, and the higher your score, the more creditworthy you look to a lender.

What is considered a “good” credit score?
The higher your score, the better when it comes to showing your credit-worthiness! According to FICO, the biggest source of credit scores, the scoring model looks like this:

  • Exceptional: 800+
  • Very Good: 740-799
  • Good: 670-739
  • Fair: 580-669
  • Poor: 579 and lower
How do I check my credit?
The three main reporting bureaus (Equifax, Experian and TransUnion) only record a score if the report shows activity within the last two years.

You can check by going to Annualcreditreport.com or visit the bureaus:

  • Experian Experian.com/reportaccess
  • Transunion Transunion.com/credit_services
  • Equifax Equifax.com/FCRA

Contact a C&F Mortgage Local Industry Expert

Why can my mortgage credit score differ from other credit reporting companies?
While the credit bureaus (Equifax, Experian and TransUnion) all use a similar scoring model, they can vary slightly and are based on a specific snapshot in time. Since a mortgage is a significant investment with more risk when it comes to delinquency, C&F Mortgage will pull all three bureau credit scores on the borrower and use the middle of the 3 scores if all 3 repositories have a report, and the lower of if only 2 have a report.
How can I increase my credit score?
  1. Make payments on time. As the most significant factor of your credit score, it’s critical to ensure you’re making timely payments on all of your accounts owed. If you have a hard time remembering deadlines, set a calendar reminder – or better yet, set up automatic payments!
  2. Keep your utilization ratio low. It’s important to keep your utilization below 30%, but the lower the better in terms of building your score. Try to pay off your credit cards in full each month to keep this ratio as low as possible.
  3. Keep some accounts open. Your credit history is an integral part of your score, so the longer you’ve had credit established, the better. If you have an older credit card that you’ve paid off, it’s sometimes better to keep it active by charging a small amount and paying it in full each month than it is to cancel the account.
  4. Diversify your credit. Try not to put all of your eggs in one basket, so to speak. Don’t open up a handful of credit cards and call it a day – try to build your credit across multiple avenues, including a credit card, an auto loan, a personal loan, etc. Choose a few that work for you and focus on nurturing them.
  5. Don’t open too many accounts at once. For example, it may be tempting to open up store credit cards to get a discount on your purchase but think about the long-term impacts. Not only do these hard credit inquiries negatively impact your score in the short term, but opening up too many lines of credit can tempt you to spend money you don’t necessarily have on hand. If you do plan to make a big purchase, such as a vehicle or a home, you won’t be penalized for shopping around, so long as all of the inquiries are made within a short period.
I don’t have credit. How do I establish credit?
Starting from square one? Here are a few pointers:

  • Get a secured credit card. This type of card is backed by a cash deposit made upfront and allows you to make purchases, pay your balance on time and incur interest for any balances not paid in full
  • Become an authorized user. If you have a family member who can add you to an existing credit card, the payment history will be added to your credit file
  • Take out a credit-builder loan. The money is typically held by a lender and released when the loan is repaid in full
  • Get a co-signer. If you have someone willing to take out a credit line alongside you, you will both be responsible for ensuring the debt is repaid in full

Frequently Asked Questions 

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 by putting as low as 0% down with certain program options. Call your C&F loan officer for loan programs that offer low down payment options.
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
  • Homeowner’s 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 loan servicer pays them from your escrow account on your behalf.
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.

Required Documentation

To provide you with an accurate pre-qualification and process your loan application, your C&F Mortgage local industry expert will ask you for a variety of documentation. Below is a basic list of items so that you can be prepared. Please note different programs require varying documentation. The majority of this documentation is automatically captured by our intuitive online application: C&F Express.

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  • 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
i

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

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

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.

Products and Programs

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. Your C&F local industry expert will explain these products in detail and help you determine which loan is best for your individual situation. We specialize in first-time homebuyers and have low-to-no down payment options available so you can take the stress out of home financing.

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