"Local

Lending

With 

Proven

Loan 

Programs"

 

Cache Valley Bank - Mortgage Services is the mortgage department of Cache Valley Bank.  As such, we have more flexibility than other lenders and can offer a variety of local services and loan programs that will better meet your needs.  

In addition to our local capabilities, we also have relationships with other leading lenders and investors in the industry.  With this combination we can provide:

SERVICES

  • Free Pre-qualification
  • Local Approvals
  • Local Servicing (under certain conditions)


PRODUCTS

  • Conventional Loans
    • Purchase 
    • Bridge Loans
    • Interest Only Loans
    • Locally Serviced Loans
  • Jumbo Loans 
  • FHA Loans
  • VA Loans
  • Utah Housing Loans 
  • Rural Housing Loans
  • Construction Loans
  • Refinance Loans

 

 
CONVENTIONAL
JUMBO
FHA
VA
UTAH HOUSING
RURAL HOUSING
CONSTRUCTION
REFINANCE

CONVENTIONAL

This loan can accommodate all borrowers. It has a maximum loan limit of $417,000.00. Its traditional down payment is 5%, but options exist to accommodate a lower down payment if necessary. It usually requires mortgage insurance unless the borrower puts in a down payment of at least 20%, but split mortgages can be done to eliminate the need for mortgage insurance even up to 95% of the purchase price.

Maximum Amount: $417,000

JUMBO

This loan is to accommodate larger loan amounts. Any loan over $417,000.00 is considered a Jumbo loan and is subject to program variations and pricing adjustments due to the large nature of the loan. However, there are also advantages to Jumbo loans that benefit the large home purchaser.

Maximum Amount: $1,000,000

FHA

Currently, over 23% of all new home loans use the FHA loan program.  This program is primarily used by first-time home buyers, although not required, and provides the most flexibility and options available. It allows the borrower to have higher debt and less down payment than other loan programs. It does have a maximum loan amount depending upon where you are purchasing. Down payment assistance programs and seller-paid closing costs can be used to allow a borrower to purchase a home with little or nothing out of pocket.

Maximum Amount: $271,050

VA

This loan is reserved for use by veterans of military service. Active duty, retired, and reservists are eligible depending upon length of service and status of discharge. A Certificate of Eligibility is required, which your loan officer can help you obtain with a copy of your DD214. This loan can provide 100 percent financing for the purchase of a home and does not require any monthly mortgage insurance, a common requirement of other no down payment loans.


UTAH HOUSING

The Utah Housing Corporation has been uniquely created as a public corporation by the State of Utah government to raise funding to assist in the creation of affordable housing opportunities for lower-income Utah households across our state. UHC is the most significant financial institution in the state providing resources for affordable housing. Principally, UHC provides mortgage monies to qualifying first time homebuyers as well as resources to developers building or renovating affordable apartment projects. In addition, UHC assumes several roles ranging from financier to developer in creating some of the more difficult to develop housing niches.

Maximum Amount: $271,050
 

The FirstHome and the FirstHome Plus programs offer low-interest rate mortgage loans to qualified borrowers. First Home Plus provides even more, including down payment and closing cost assistance. The brochures provide information you will need to get started. You will work directly through any one of the Participating Lenders in your area to complete the paperwork on your mortgage loan. If you have any questions about these programs please contact us.


RURAL HOUSING

The Rural Housing program is sponsored by the United States Department of Agriculture (USDA). It is also commonly called the "Farm Home Loan" or the "USDA Loan". There are a number of guidelines that must be followed. Some are highlighted below.

  • The total adjusted annual income must be within the HUD limits that pertain to the county were the family will reside. Incomes must be within 60% and 115% of the median income.
  • Principal, Interest, Taxes and Insurance (PITI) ratios must not exceed 29% and Total Debt ratio not to exceed 41% of gross monthly income.
  • Applicant must have a good credit history with few exceptions on a case by case basis.
  • Property must be in an area defined as "rural" (See note below).

Rates, Terms & Loan Amounts
No Adjustable Rate Mortgages allowed. Rates are negotiable between the applicant and lender. Terms are generally 30 years.


 

Those areas of Utah INELIGIBLE for housing loans are:  Logan City Limits, Providence, parts of North Logan and River Heights; Weber County with the exception of Ogden Valley (east of Pineview Reservoir); Davis County; Salt Lake County; Utah County north of the Spanish Fork River to the county line and everything east of the Jordan River; and the St. George City Limits.


CONSTRUCTION

Construction
This loan is an interim source of financing that is used while constructing a new home. Funds are made available on a "Draw" basis to pay for the construction as the home is being built. A long-term loan is pre-approved and available upon the completion of the home, and will pay off the construction loan once the home is finished. This loan can often be obtained in either the borrower's name or the contractor’s name.


REFINANCE

There are several types of Refinance Loans...

Debt Consolidation
This type of refinance is done by using the equity in your home to consolidate your other personal debt into one monthly payment. It provides you with an improved monthly cash flow, better tax advantages, fewer payments, and with no pre-payment penalty the ability to pay the entire debt off faster.

Cash-Out
This type of refinance is used when individuals wish to pullout equity from their home with no specific purpose. The equity or cash taken from the home can be used at the borrower's discretion. Often, this type of loan is used to purchase another home or recreational property.

Rate/Term
This type of refinance is used when you are paying off your existing mortgage or perhaps paying off a first and second mortgage. Usually it is done to reduce the interest rate of the present loans, which reduces the monthly payments, or it can be used to reduce the term of the mortgage in an effort to pay off the existing mortgage faster.

Maximum Amount: $417,000
 

Streamline Refinance
The following loans may be eligible for "Streamline Refinancing". 

  • FHA
  • VA
  • Our Locally Serviced Conventional Loans

Borrowers who currently have an FHA or VA mortgage, or a mortgage serviced by Cache Valley Bank, can choose this refinance program. With no out-of-pocket costs, this government program may be the perfect mortgage refinance solution. This program should lower your monthly payment, interest rate, and the cost of your mortgage insurance.

The basic requirements of a streamline refinance are:

  • The mortgage to be refinanced must already be serviced by Cache Valley Bank or be anFHA or VA loan.
  • No cash may be taken out on mortgages refinanced using the streamline refinance process.
  • The mortgage to be refinanced cannot be delinquent at the time of closing.
  • The results of the refinance must lower the borrower's monthly principal and interest payments or lower the number of years left on the mortgage.


Cache Valley Bank - Mortgage Services offers local mortgage loan servicing  through our Freddie Mac Servicing Portfolio.


Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $8,340. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $20,000. Your actual APR may be different depending upon these factors.