Community Bank NA has some interesting loan programs that are very different from other lenders. Their programs require 5% down, which is pretty standard, and their interest rates are a little high (4%), but they do offer no closing cost loans. Their loans with closing costs have pretty hefty up front costs, but without closing costs, it may be worth it. I initially rejected this bank because the monthly payment was higher than other offers I had, but I am now reconsidering because some of their numbers were extremely high (PMI is not $106 a month; $49 is typical for a credit score over 700). The other downside to this loan is only 3% of seller concessions, but this would not be a problem with no closing costs.
A really good thing about this bank is they have excellent customer service!!! Michael MacDonald emailed me about 40 times on the day I inquired, and I haven't even applied yet! He is also very very knowledgeable & answered any questions I threw at him!! read more