Loan Guidelines

Utah

LTV  80%

LTC (up to 350K)  95%

LTC (350K to 1M)  90%

FICO  680

Ratio (back)  42%

Max Loan  $1,500,000+ (loans over conforming limits are subject to standard loan limit exception)

Income  FULL

Occupancy  O/O Primary Residence & 2nd Homes

Fixed Rate 5.99% (6.173% APR)

Owner-builder  ALLOWED

Loan Guidelines

Idaho

LTV  85%

LTC (350K to 600K)  90%

FICO  680

Ratio (back)  45%

Max Loan  $600,000

Income  FULL

Occupancy  O/O Primary Residence & 2nd Homes

Adjustable Rate  Prime + 2.25%

Owner-builder  ALLOWED

Additional Guidelines

  • OWNER-BUILDER: ALLOWED. $300,000 GENERAL LIABILITY RIDER REQUIRED ON COURSE OF CONSTRUCTION INSURANCE. A LETTER OF QUALIFICATION REQUIRED, STATING BY WHAT MEANS, CONTACTS, OR EXPERIENCE QUALIFIES THE BORROWERS TO BUILD THEIR OWN HOUSE.
  • APPRAISAL: UTAH ONLY – CCS WILL ORDER THE APPRAISAL.  CCS NEEDS THE COST BREAKDOWN, FINAL SET OF PLANS, AND PAYMENT AT TIME APPRAISAL IS ORDERED.
  • TERM: 
6 – 9 MONTHS FOR BUILDER PROJECT ONLY. 12 MONTHS FOR OWNER / BUILDER PROJECTS. 12 MONTHS FOR JUMBO OR CANYON AREA PROJECTS.
  • EXTENSIONS: 
ONE 3 MONTH EXTENSION CAN BE GRANTED FOR HOMES NOT FINISHED WITHIN THE ORIGINAL TERM. AN EXTENSION FEE OF 0.50% OF THE ORIGINAL PRINCIPAL AMOUNT WILL BE CHARGED TO THE BORROWER.
  • MODIFICATION FEE: 
A 3% MODIFICATION FEE WILL BE CHARGED ANYTIME A LOAN IS PAID OFF BY SOMEONE OTHER THAN THE ORIGINAL BORROWER, OR THE PROPERTY IS OFFERED FOR SALE.
  • CURRENT HOME: 
THE BORROWER’S CURRENT HOUSE PAYMENT WILL BE INCLUDED IN RATIO CALCULATIONS. CAN BE OMITTED ON A CASE-BY-CASE BASIS, UPON COMPENSATING FACTORS & EXISTING EQUITY IN CURRENT RESIDENCE.
  • ELIGIBLE BORROWERS: 
 INDIVIDUALS ONLY. NON-OWNER CO-APPLICANTS NOT ALLOWED.
  • ELIGIBLE PROPERTIES: 
OWNER OCCUPIED, PRIMARY RESIDENCES ONLY. 2ND HOMES ALLOWED.
  • CONTINGENCY: 
5% MINIMUM CONTINGENCY FUND REQUIRED.
  • INTEREST RESERVE: 
REQUIRED INTEREST RESERVE ACCOUNT IS BUILT INTO THE SOFT COSTS OF THE LOAN. THIS ACCOUNT IS CALCULATED BY THE FOLLOWING FORMULA:
  • LOAN WITH LOT PAYOFF: (LOAN AMOUNT X 65% X RATE X TERM/12)
  • LOAN WITHOUT LOT PAYOFF: (LOAN AMOUNT X 50% X RATE X TERM/12)
  • THIS ACCOUNT WILL PAY THE INTEREST DUE DURING THE TERM OF THE CONSTRUCTION LOAN.
  • BUILDER PRE-SOLD (LOAN IN THE BUILDER’S NAME): 
CURRENTLY NOT AVAILABLE.
  • THIS PRODUCT INFORMATION MAY BE CHANGED AT ANY TIME AND IS INTENDED EXCLUSIVELY
FOR CCS-APPROVED MORTGAGE BROKERS.

Closing Fees

*Wholesale pricing, retail loans include loan packaging origination fees
.

  • 1.00% ORIGINATION (2% FEE ON LOANS LESS THAN $100,000)
  • $495 UNDERWRITING
  • $1074 CLOSING FEES
  • $300 SERVICING FEE ON A 6-9 MONTH LOAN
  • $500 SERVICING FEE ON A 12 MONTH LOAN
  • $130 PER MONTH INSPECTION FEE (BASED ON LOAN TERM)
  • APPRAISAL FEE $500 (ADDTL FEES MAY APPLY FOR DISTANCE AND PROJECT SIZE)
  • TITLE INSURANCE (BASED ON LOAN AMOUNT)
  • INSURANCE (BASED ON LOAN AMOUNT)