Home Loan Programs

Choosing your home loan is one of largest financial decisions you’ll make in your lifetime.

At Central Federal, we’ll help you find the mortgage loan that fits your lifestyle and spending habits, so that you can shop with confidence. Let our lenders help you find the right type of mortgage.

Central Federal has a variety of home loan programs that include our in-house and secondary market rates and terms intended to give you options to choose from.

In-House Options

Adjustable Rate Mortgages

If a Fixed Rate Mortgage isn’t a good fit for you because you plan on being in the home only a short period of time, or for other reasons, an Adjustable Rate Mortgage (ARM) might be a good alternative option. The interest rates on Adjustable Rate Mortgages fluctuate over time, which means your monthly mortgage payment may change year to year. Talk with one of our loan officers to see if this type of mortgage is the right option for you.

  • Rate and Payment Caps Available for ARMs
  • Payments for the Initial Fixed-Rate Phase are Typically Low
  • More Flexible Credit Guidelines
  • Competitive Closing Costs
  • No Upfront and Monthly Private Mortgage Insurance
  • Free Pre-Qualifications
  • Convenient Payment Options

Secondary Market Options

USDA Home Loans

USDA loans are mortgages backed the U.S. Department of Agriculture as part of its USDA Rural Development Guaranteed Housing Loan program. This program is available for home buyers with low-to-average income for their area, offer 100% financing with lower mortgage insurance premiums, and competitive mortgage rates. Ultimately, it provides people the opportunity to purchase a home that they never thought could do anything but rent.

  • No Down Payment
  • Low Monthly Mortgage Insurance
  • Affordable Closing Costs
  • Fixed Rate Terms Available
  • Competitive Interest Rates
  • Flexible Credit Guidelines
  • Income Restrictions Apply
  • Monthly and Annual USDA Fees Apply

VA Home Loans

VA loans are a mortgage option for people who meet the VA’s guidelines for military service. VA loans are guaranteed by the Department of Veterans Affairs. The advantage of a VA mortgage is that they make it easier to get financing by offering no down-payment loans and more lenient credit and income requirements than conventional mortgages. Once you have your certificate of eligibility or COE, you can apply for a VA home loan.

  • No Down Payment
  • No Private Mortgage Insurance
  • Affordable Closing Costs
  • Fixed Rate Terms Available
  • Lower Average Interest Rates
  • Flexible Credit Guidelines
  • Residual Income Restrictions Apply
  • VA Funding Fee May Be Financed or Waived

FHA Home Loans

Mortgages insured by the Federal Housing Authority are a good option for first-time homebuyers with imperfect credit, as FHA loans allow you to purchase a home without such strict financial restrictions. This program is excellent for first-time homebuyers with average credit scores that want to take advantage of lower interest rates and reduced PMI rates versus their options with conventional financing to non-first-time homebuyers.

  • Low Down Payment
  • Upfront and Monthly Private Mortgage Insurance Apply
  • Affordable Closing Costs
  • Fixed Rate Terms Offered
  • Lower Average Interest Rates
  • Flexible Qualification Guidelines
  • Lower Income Restrictions
  • Mortgage is Assumable

Conventional Home Loans

A conventional mortgage is a one that follows the guidelines of Fannie Mae and Freddie Mac. Getting a conforming loan can benefit you because eligibility, pricing and features are standardized; loan terms are usually just as reasonable; and the interest rate may be lower than on a nonconforming loan.

  • No Upfront Mortgage Insurance
  • No PMI Premiums With a Sufficient Down Payment
  • Fixed and Adjustable Rate and Terms Offered
  • Qualification Based on Fannie Mae or Freddie Mac Guidelines
  • Financing Available for Second Homes and Investment Properties

Visit Central Federal or give us a call at (573) 364-1024 to speak to one of our experienced lenders, or apply online.