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Home Loans

Buying a home can be pretty scary. For most of us it will be the biggest purchase of our life. Your friends at Central National Bank understand this and we can help.


CNB offers a variety of ways to finance owner-occupied homes:

  • Purchase
  • Construction
  • Home Improvement
  • Consolidation


For a printable guide and checklist of the application process please see our Real Estate Application Guide.

For more information contact a loan officer at a CNB location nearest you or via e-mail. This convenient checklist has been designed to help streamline the mortgage loan application process. 

 

Following is a checklist of: 

  1. Items to bring with all applications 
  2. Items needed if you are self-employed 
  3. Items needed if you are building a new home


LOAN TO DEBT RATIO:

  • 28% of gross income for house payment
  • 38% of gross income for total monthly debt service


ALL LOAN APPLICANTS WILL NEED TO PROVIDE THE FOLLOWING INFORMATION AT THE LOAN APPLICATION:

  • Name and address of employer(s) for past five years 
  • Most recent payroll stub originals 
  • Name, address and telephone number of landlord(s) for the past five years 
  • Lenders name, address and account number on your present home 
List of all debts for each include: 
  • Account number 
  • Bank address 
  • Current balance 
  • Type of account
  • Copy of I.D. with photo (drivers license, etc.) 
  • Copy of Social Security cards 
  • Application fee for appraisal and credit report 
  • Social Security or retirement income verification
Proof of disposition of present home, provide: 
  • Listing contract, Offer and Account 
  • Closing statement (Hud I)
  • Divorce decree and copy of child support registry (if applicable) 
  • Tax returns for past three years


OWNER, SELLER OR AGENT SHOULD ALSO BRING THE FOLLOWING:

  • Real estate contract (offer and acceptance) 
  • Verified copy of legal description (deed-abstract)
  • Correct address of property (even if rural) 
  • Amount of current taxes 
  • A hazard insurance quote (homeowners) 
  • Lot size and date home was built 
  • Address and telephone number of seller
  • Name and telephone number of occupant 
  • Abstract location or copy of recent title policy 
  • Present lender, account number and loan type


ADDITIONAL DOCUMENTATION REQUIREMENTS FOR SELF-EMPLOYED INDIVIDUALS:

  • The past three years personal tax returns, signed 
  • Profit and loss statement-year to date, prepared and signed by an accountant 
  • Current balance sheet (financial statement) prepared and signed by an accountant

IN ADDITION, if you are a principal stockholder in a corporation or a partner in a partnership, you will need:

  • The past three years tax returns for the corporation or partnership reports 
  • Corporation profit and loss statement-year to date 
  • Copy of corporation minutes authorizing salary


SELF-EMPLOYED SPECIAL REQUIREMENTS:

  • All tax returns must be signed by the taxpayer.
  • All balance sheets, profit and loss statements, and other financial documents must be prepared and signed by an accountant
  • All financial data must be in detail, itemizing the individual liabilities, expenses, and income sources


YOU ARE CONSIDERED TO BE SELF-EMPLOYED IF:

  • No Federal withholding tax is deducted from your earnings or 
  • You are a principal stockholder in a corporation or a partner in a legal partnership, even if you are drawing a salary


IF REFINANCING, THE FOLLOWING ITEMS WOULD BE HELPFUL:

  • Loan packet from previous loan closing 
  • Most recent year-end statement from present lender 
  • Copy of insurance policy
  • Termite policy


IF PLANNING TO BUILD A NEW HOME, THE FOLLOWING ITEMS WILL ASSIST YOU IN APPLYING FOR PROPOSED CONSTRUCTION:

  • SET OF PLANS, INCLUDING: 
  • Materials description 
  • Detailed contract between buyer and builder 
  • Complete cost breakdown
  • Department of Health approval on proposed septic and well