Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124

Central Bank Mortgage Review 2024

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  • People who want a VA, USDA or FHA mortgage and live in the Midwest
  • People who prefer in-person support at a local branch 
  • First-time homebuyers who may qualify for the Home Turf Assistance Program

Central Bank doesn’t disclose specific requirements to qualify for a conventional mortgage. Typically, mortgage applicants must meet minimum credit score requirements, show proof of stable income and have an acceptable debt-to-income ratio (DTI). Central Bank notes on its website that its FHA loans require a 640 credit score and a DTI under 43%.

What Credit Score Do You Need?

Central Bank doesn’t list its minimum credit score for a conventional loan, but lenders typically require at least 620. Central Bank’s minimum credit score for its FHA home loan is 640. That’s higher than the minimum score set by the Federal Housing Authority, which is 580 for a loan with 3.5% down.

You can apply for a Central Bank mortgage in several steps:

  1. Get prequalified. You can prequalify online and receive a prospective rate for your mortgage. 
  2. Provide documentation. Expect to supply proof of income and copies of your bank, brokerage and retirement account statements. 
  3. Submit application. You can apply for a Central Bank mortgage online or go to a local branch to get the process started. 

  • eClosing: Not found 
  • Lender credits and grants: Potential $5,000 lender credit for eligible first-time homebuyers through the Home Turf Assistance Program
  • On-time closing guarantee: Not found 

Central Bank has garnered 4.98 out of 5 stars on Zillow, based on 1451 reviews. However, customer ratings on Trustpilot and the Better Business Bureau are much lower. Central Bank has 2.4 out of 5 stars on Trustpilot based on 10 reviews.

Central Bank isn’t included in the J.D. Power 2023 U.S. Mortgage Origination Satisfaction Study or the J.D. Power 2023 U.S. Mortgage Servicer Satisfaction Study. The Consumer Financial Protection Bureau received one complaint regarding Central Bank’s mortgage products in 2023, which was closed with monetary relief.

Central Bank offers mortgage refinancing, home equity loans and home equity lines of credit (HELOCs).

Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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