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CSE Loans

Buying your first home?

The three most important things that we evaluate for a home loan are:

Credit History

We want to give you the best possible chance of success when taking on a mortgage for a new home. Credit is an extremely important part of assessing this success. We need to see a good credit score - typically higher than 620 is needed – but, we always say there’s “more than the score”. Usually we want to see a good, on time credit history from at least the last 12 months.

If you are not “credit ready”, then we want to get you ready! CSE offers products and services that can help build or repair credit. We’ve helped hundreds of people over the years improve their credit and get positioned for home ownership.

 


 

Down payment

Most mortgage loan programs require a down payment (VA loans do offer our eligible veterans 100% financing). The FHA loan requires only 3.5% of the purchase price for down payment, while conventional mortgages typically require between 5% – 20%. We will also want to view bank statements to verify that sufficient down payment and closing cost funds are available. You may be able to borrow from your 401(k) or IRA. Eligible family members can contribute a “gift” for down payment and closing costs; be sure to speak in detail with your loan officer about how this works.

 


 

Income

Income and job stability are important. For mortgage loans, we evaluate your current income plus your income over the past two years. If you have not been on your current job for at least two years, alternatives such as schooling or training are looked upon as positives, as is moving to a newer, higher income job.

 


 

Use our Mortgage Calculator to see how much home you may be able to afford.

 ​Mortgage Options

CSE has options for getting members into home loans that work best for them. No one person is the same, and we keep that in mind when making mortgages for our members. Take a look at what we can offer you:

 


 

FHA

  • Often a good choice for first time home buyers
  • Need a Lower down payment option
  • More lenient on credit guidelines
  • Greater flexibility evaluating school loan indebtedness
  • Flexible down payment sources- such a gift from a family member
  • Flexible closing costs of which seller can pay a portion

 


 

Conventional

  • Works well for folks with strong, established credit and 5%-20% down payment
  • 2nd homes and investment properties are eligible
  • Adjustable rate options available & may make sense for you, depending on current rate environment
  • Mortgage Insurance options are flexible (for placing less than 20% down)- and the premium is released after a certain period of time

 


 

Veterans Administration (VA)

  • For eligible veterans
  • 100% Financing with no down payment
  • Often a good choice for first time home buyers
  • Need a Lower down payment option
  • More lenient on credit guidelines
  • Greater flexibility evaluating school loan indebtedness
  • Flexible closing costs of which seller can pay a portion

 


 

USDA Rural Development (RD)

  • 100% Financing with no down payment
  • Property in a USDA designated eligible area
  • Income is under USDA limits
  • Often a good choice for first time home buyers
  • Need a Lower down payment option
  • More lenient on credit guidelines
  • Greater flexibility evaluating school loan indebtedness
  • Flexible closing costs of which seller can pay a portion

 ​Compare All Mortgage Products

Loan

May be right for you if…

Benefits

Federal Housing Administration (FHA)

  • You're a first time home buyer
  • You need more flexibility in qualifying
  • You need a lower down payment option
  • Have student loan debt
  • Have down payment help from a family member
  • Payments stay the same through the term
  • Maximum loan amounts are determined by property location
  • More flexible seller contributions towards closing costs

Conventional Fixed-Rate

  • You have strong, established credit and 5%-20%  down payment
  • You're looking for a 2nd home or investment property
  • You want Mortgage Insurance options that are flexible (for placing less than 20% down)
  • Payments stay the same through the term
  • Options to avoid PMI

Veterans Administration (VA)

  • You're an eligible veteran
  • You're looking for 100% financing options
  • You have no down payment
  • You're a first time home buyer
  • You have less-than-perfect credit
  • You have school loan indebtedness
  • Payments stay the same throughout the term
  • No Down Payment required
  • Fixed-Rate Terms are available
  • More flexible seller contributions towards closing costs

USDA Rural Development (RD)

  • You're looking for 100% financing options
  • You don't have perfect credit
  • 100% Financing with no down payment
  • Property in a USDA designated eligible area
  • You're a first time home buyer
  • You need a lower down payment option
  • You have less-than-perfect credit
  • You have school loan indebtedness
  • Income is under USDA requirements
  • Flexible Credit Guidelines
  • No Down Payment required
  • More flexible seller contributions towards closing costs

 ​Pre-Approval Appointment

At the initial appointment, we will order a credit report so that we may determine your eligibility for mortgage loan programs. Also, please come prepared with the following:

  • 30 Days or most recent Paystub
  • 2 Years of Annual Tax Returns and W-2’s
  • 2 Months Most Recent Bank Statements to verify down payment as needed

If Applicable:

  • Landlord Name, Address & Phone Number
  • Divorce/Separation Agreement
  • Bankruptcy
  • Child Support
  • Social Security Award Letter
  • Pension Award Letter
  • Copy of Diploma (if employed less than 2 years)

*For your convenience, we can offer to receive these via email or fax.

* = required field
Name (First & Last) *
Phone *
Primary Email *
How would you describe your current credit profile? *
How much can you afford as a down payment? *
What is a comfortable monthly mortgage payment for you? *
What price range do you have in mind for your home? *


We’re Here to HelpConvenient Locations Throughout Stark County

Come Visit Us

 
Monday - Friday: 8am - 6pm
Saturday: 9am - 3pm
 
Canton Office/Operations 1380 Market Ave N
Canton, OH 44714
North Canton Branch 6879 Whipple Ave NW
North Canton, Ohio 44720
Lake Cable Branch 5414 Fulton Dr NW
Canton, Ohio 44718
Meyers Lake Branch 1235 Whipple Ave NW
Canton, Ohio 44708

Or Give Us a Call

 
Phone: 330-452-9801
Toll Free: 866-CSEFCU1
TellerPhone 24: 330-452-9802

Contact Us Today