Personal Banking: Mortgage Requirements

Conventional Loan Requirements

  1. $50,000 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 [email protected] 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

VA, FHA, and Rural Housing Loans are also available Contact Commercial Bank at 1-800-273-8889 or via [email protected] for more information on loans, lines of credit, and mortgages.

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Commercial Bank Swoosh