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How to Get a Loan

Once you select us to obtain your home loan, you'll be amazed at how quickly and simply the loan process moves. Before you know it, you'll have a mortgage that suits your lifestyle and saves you money.

Throughout the loan-application process, we will provide you with regular updates. You can also e-mail us with questions or new information and if you want assistance, a mortgage expert is just a phone call away.

Here's an overview of the loan-application process

STEP ONE-- Getting started is easy

When you've selected a property and have a contract with the Seller, the next step is to complete your loan application.  To begin the process, click here for more information.    

At the appropriate time we'll order a property appraisal for you.

STEP TWO -- Your Loan is Approved and Funded

Your Real Estate Agent or the Seller will designate an Escrow Title Company to handle the funding of your loan, along with many other factors which make your purchase go smoothly.

We will coordinate with the escrow team and you'll sign the final papers at their office. Simple, Straightforward, Cost Effective, and FAST!

First-Time Home Buyer Programs

There are a number of first-time home buyer programs that make both the process and cost of buying your first place easier. First-time buyers face one unique challenge in particular: they cannot count on the profit of a home sale to supply the down payment for their new house. First-time home buyers often have a smaller down payment to offer as a result. They may also have a slightly lower credit score because they have not had a major loan in the past. To conquer these problems, there are federal, local and private programs to help you find a mortgage loan.

Federal Assistance

A good place to start when you are seeking first-time home-buyer assistance is the Federal Housing Administration (FHA). The FHA was established as part of the U.S. Department of Housing and Urban Development (HUD). The goal of this department is to extend home ownership to more Americans. The FHA, for its part, assists this mission by providing guarantees on private mortgage loans. This means the FHA offers insurance on your loan, promising to purchase the loan out of default if you can no longer pay. With an FHA guarantee, a mortgage lender can take on a greater risk in extending you a loan.

FHA loans are not designed to assist low credit or unqualified borrowers. Instead, they are specifically geared toward qualified borrowers who may need special assistance, such as first-time homeowners. The first-time home buyer program allows for as low as 3.5 percent down.   If you plan on seeking an FHA guarantee, Contact Central Bank first.  As a FHA-approved lender this eliminates the need to file two sets of forms, and it helps ensure you will receive the guarantee with us.

Local Grants and Assistance

You may find there are local grants in your area to encourage first-time home buyers. Grants are different from loans because they require no repayment. For example, the Homes and Communities program of the HUD allows for grants to cover closing costs under certain circumstances.  These grants are directed at buyers purchasing homes in specific transitional neighborhoods. Those who receive the grants are required to take a class in personal finance, but these classes can prove to be extremely useful.

Local areas also present grants to new homeowners. Contact your community development office to learn about programs that may apply to your situation. A grant is typically small, a few thousand dollars or under, but this never needs to be repaid. Therefore, considering you would otherwise be charged interest on the sum, grants can truly pay off.

Private Lender Programs

Private lenders, such as Central Bank, like first-time home buyers with good credit and income stability. You may find low down payment options are available if you meet specific qualifying criteria.