LOAN GUIDELINES

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 the time appraisal is ordered.
    • TERM: 6 – 9 months for builder projects 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 before the construction loan is paid off.
    • 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 and existing equity in current residence.
    • ELIGIBLE BORROWERS: Individuals only. Non-owner co-applicants not allowed.
    • ELIGIBLE PROPERTIES: Owner occupied, primary residences only. Second 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): Available on case by case basis.

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 loan
• $130 per month inspection fee (based on loan term)
• Appraisal fee $500 (additional fees may apply for distance and project size)
  Title insurance (based on loan amount)
• Insurance (based on property value)