Personal Banking: Mortgage Requirements

Conventional Loan Requirements

1. $25,000 to $417,000 loan amount
2. Loan to value up to 103%, if qualified
3. Debt to income ratio variable depending on credit score
4. Mortgage insurance for loan to values over 80%
5. Verifiable funds of down payment, closing costs, and reserves

Tennessee Housing Development Agency Requirements

1. First time home buyer
2. Purchase price and income limits vary by location – please e-mail us at info@cbtcnet.com for specifics
3. Debt to income ratio 29% gross income to housing debt and 41% gross income to total debt
4. Mortgage insurance by VA, FHA, or Rural Housing
5. Up to 100% financing
6. Septic inspection at seller’s expense

Adjustable Rate Mortgage Loans Available

Jumbo Nonconforming Requirements

1. Loans in excess of $417,000