Speed Up the Home Loan Approval Process
Present any or all of the following to your Mortgage Loan Originator:
- Your street address, or addresses, for the past 2 years
- If you rent: your landlord's name, address and phone number
- If you own: your mortgage lender's name and your account number
- Name, address and phone number of any employer you've worked for in the past 2 years
- Your gross monthly salary or other income¹
- Your year-to-date pay stub
- Your W2 forms for the past 2 years
- Signed tax returns if you worked on commission or if you wish to use interest, dividend or bonus income to qualify for your loan
- If you are self employed, signed tax returns for the past 2 years and current Profit & Loss statement and Balance Sheet
- If you are not currently employed, bring proof of other sources of income (Awards letter or 1099 for two years)
Deposit, Retirement and Equities Account Information
- Name of financial institution, account number and balance on all checking, savings, IRA, retirement, 401(k), stock and mutual fund accounts - including statements for the past two months
Real Estate Information
- Address, market value and loan information on all real estate you own
- Copies of leases on any rental property you own
- Please bring a government-issued photo ID (i.e.. driver's license, state-issued non-driver's ID, US military ID)
- If you are applying for a VA Loan, please bring your military discharge papers (Form DD214) and Certificate of Eligibility
TYPES OF MORTGAGE LOANS
We offer a full range of mortgage products, including Conventional, Federal Housing Administration (FHA), Veteran Affairs (VA), Rural Development and state housing finance agency (HFA) programs.
Fixed Rate Mortgage
- The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer. If you plan to move within seven years, then adjustable-rate loans are usually cheaper. As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
Adjustable Rate Mortgages (ARM)
- Ask our Centennial Bank Mortgage Loan Originator for ARM details. Hybrid ARMS have become increasingly popular and can offer the best of both worlds: lower potential interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.
A thorough review can be provided to help borrowers be more prepared when committing to a purchase contract.
- Borrower requested pre-approval
- Eligible for purchase transactions only
- Pre-Approval only applies where a subject property address has not been identified
- Lender provides written conditional approval letter to the applicant
- Pre-Approval based on proposed sales price, loan amount, and payment amount as presented to Underwriting at time of Pre-Approval
Qualified borrowers can receive $1,025 in lender credit applied toward origination charges. This credit must be applied prior to other credits.
- Full-time public school district employees and full-time state or federal accredited private/charter school employees are eligible — including teacher, nurse, librarian, guidance counselor, janitor, cafeteria staff, teachers aide or administrative employees.
- Exclusions: Substitute or temporary employees. Academic levels beyond high school.
- Full-Time Nursing Services - Means a full-time and licensed or certified employee providing nursing at a: Public or private hospital or public or private practice clinic, Contract nursing, i.e., travel nursing care or home health nurse.
- Examples of Full-time employees such as: Registered Nurse, Licensed Practical Nurse, Nurse Practitioner, Nurse Anesthetist, Nurse Manager, Physician Assistant, Nursing Assistant (CNA)
- Full-time employees serving in federal, state, or local government emergency medical departments or private EMS departments.
- Examples of eligible workers include emergency medical technicians, licensed paramedics, emergency care attendants.
- Full-time employees serving in federal, state or local government firefighting agencies.
- Examples of eligible workers include firefighter, fire educator, fire trainer, fire inspector, arson investigator, fire administrator.
- Full-time law enforcement employees serving in local, state, or federal agencies.
- Examples of eligible workers include police officers, state troopers, deputies, dispatchers, probation officers, detectives, administrative staff, etc.
- Exclusions: Temporary employees, contract employees, part-time employees, volunteers.
HOME BUILDER PROGRAM
Qualified borrowers must be clients of approved home builders in Alabama, Arkansas, Florida, and Texas and build in excess of 12 homes per year. Additional builder eligibility requirements could apply, see bank for details.
- Lender Credit – eligible borrowers will receive lender credit equal to 1% of the loan amount up to $3,000 to be used in a variety of ways to give significant savings to the borrower.
- Proven Workflow – ensure timely and accurate approvals with Centennial Bank’s proven construction workflow and project oversight.
- Consistent Communication – each builder will be paired with a local loan originator to ensure consistent communication around deadlines, documentation, timing, and loan structuring.
- Comprehensive Eligibility – multiple property types are eligible for participation. Program applies to purchase transactions as well as construction to permanent loans. Loan programs include: Fannie Mae, Freddie Mac, FHA, VA, USDA, Portfolio, Jumbo, and Construction to Perm.
In honor of your dedication and strong commitment to your profession, Centennial Bank is offering a customized loan program for you.
- Certified Public Accountant
- Medical - MD
- Osteopathic - DO
- Podiatric - DPM
- Dental Surgeon - DDS
- Dentist - DMD
- Optometrist - OD
- Up to 100% Financing for Primary Residence*
- Purchase or Refinance*
- Construction or Renovation Loans*
- Mortgage Insurance Not Required
Second Home Financing Options Available
SECURE REFI CREDIT PROGRAM
Allows eligible borrowers to purchase a home at existing interest rates. If rates drop, borrowers can then refinance to a lower rate and save on closing costs with a $1,025 lender credit.
- Close the purchase loan with your Centennial Bank Mortgage Loan Originator from 1/1/2023 thru 6/30/2023.
- If rates go down, make a new application with Centennial Bank so you can lock in a lower rate and close on your refinance by 12/31/2024, to get a $1025 Lender Credit.
Requests for pre-approval must be submitted by the borrower and are only eligible for purchase transactions where a property address has not been identified and is "to be determined." Refinances are ineligible. The lender completes a comprehensive analysis of the applicant's creditworthiness. The underwriting is similar to that used to evaluate traditional mortgage applications. If an applicant is pre-approved, lender provides a written conditional approval letter to the applicant and is valid for a stated period of time for up to a specified amount. All loans are subject to credit approval and property eligibility restrictions. This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice.
Eligible Borrowers to receive a lender credit equivalent to our Processing and Underwriting fees. Lender credit to be applied by Secondary Market upon processing and underwriting receipt and review of written verification of employment. Available to those Eligible Borrowers who satisfy one of the above criteria and who submit a mortgage application to Centennial Mortgage Loan Originator, after 1/1/2023 and prior to 12/31/2023. Employment will be verified through written verification of employment completed within 30 days of underwriting approval. Eligible property is the primary residence for the premises being purchased or refinanced upon closing. Affinity program cannot be combined with any other Centennial Bank incentive program (other than First Time Home Buyer). All loans must meet Centennial Bank and/or Secondary Market lending guidelines and additional restrictions may apply. All loans subject to credit and property approval.
HOME BUILDER PROGRAM DISCLOSURES
Credit applied at closing. These credits can be used to lower the interest rate on the loan or apply towards closing costs and can give a significant savings to the Borrower. Borrower cannot receive cash back at closing and the credit cannot be applied to principal. This is only a credit to the Borrower and not a credit to the Builder in any way, and is not and cannot be construed as an item of value to the Builder. This program cannot be combined with other Centennial lending programs unless expressly stated in the terms of such program. All loans are subject to credit approval and property eligibility restrictions. This is not a commitment to lend. Programs, rates, terms, and conditions are subject to change without notice. State Housing Authority products are ineligible for this offer. Spec homes are excluded. Builder must be approved as a participating builder, prior to borrower locking an interest rate with a Centennial Bank Mortgage Loan Originator. Centennial Bank NMLS #466091. Equal Housing Lender. Member FDIC.
PROFESSIONALS PROGRAM DISCLOSURES
*Restrictions apply, consult your mortgage loan originator for additional details.
All products herein are subject to credit and property approval. Program terms & conditions including interest rates, annual percentage rates (APRs) and points or fees are subject to change without notice. Your APR will vary based on your final loan amount and applicable finance charges. Not all products are available in all states or for all amounts; consult your mortgage loan originator for additional details. There are no restrictions to the length of time since the medical professional has completed their residency. All loans subject to credit and property approval. Centennial Bank NMLS #466091. Equal Housing Lender. Member FDIC.
SECURE REFI CREDIT DISCLOSURES
Eligible loans must be refinanced as a Conventional, FHA, VA, or RD/USDA, for an owner occupied residence. Subject property address on the purchase application must match the subject property address on the refinance application. Cannot be combined with any other Centennial Bank incentive program. Lender credit to be applied by Secondary Market upon Processing and Underwriting receipt and review of eligibility. Eligibility will be verified and completed within 30 days of underwriting approval. Original loan being refinanced must make a minimum of six payments before it is eligible. All loans must meet Centennial Bank and/or Secondary Market lending guidelines and additional restrictions may apply. All loans subject to credit and property approval.
All loans are subject to credit and property approval.
¹Alimony, child support or separate maintenance income need not be revealed if you do not choose to have it considered for repaying the loan.