Unique Loans

If your needs aren't within the framework of more traditional loans, we have some other options for you.

Construction Loan Program

Best Choice If:

  • You want a customized home, in which you choose the design.
  • You have chosen a floor plan and a builder, now all you need is the construction financing.
  • You may be able to save money by building your own home. Evidence of home building experience required.
  • Advantages:

  • Variable interest rate.
  • Term is six or nine months.
  • Forty-eight hour turnaround on draw requests.
  • Disbursement statements available upon request.
  • Self-build program available.
  • One loan officer for both construction and long-term loans.
  • Construction loans available to builders for model and spec homes.
  • We prepare IRS 1099 forms for all suppliers and subcontractors.
  • Mechanic lien waivers obtained for each payment.
  • Disadvantages:

  • Construction loans are not available in all areas.
  • Changing market conditions may increase your interest charges.
  • Evidence of 10-20% equity in proposed home required.
  • FHA 15 Yr Fixed Purchase

    Best Choice If:

  • You want to qualify for the largest loan amount related to your income and credit profile, yet desire to have the loan paid off in 15 years.
  • Advantages:

  • Fixed interest rate.
  • Level principal and interest payments for the loan's full term.
  • No risk that changing market conditions will increase your monthly payment.
  • Mortgage insurance is less than a 30 year FHA loan.
  • Disadvantages:

  • Depending on LTV, requires both up-front and monthly mortgage insurance premiums.
  • No Manufactured Housing.
  • FHA 15 Yr Fixed Refinance

    Best Choice If:

  • You want to qualify for the largest loan amount related to your income and credit profile, yet desire to have the loan paid off in 15 years.
  • Advantages:

  • Fixed interest rate.
  • Level principal and interest payments for the loan's full term.
  • No risk that changing market conditions will increase your monthly payment.
  • Mortgage insurance is less than a 30 year FHA loan.
  • Disadvantages:

  • Depending on LTV, requires both up-front and monthly mortgage insurance premiums.
  • No Manufactured Housing.
  • FHA 30 Yr Fixed Purchase

    Best Choice If:

  • You want to qualify for the largest loan amount related to your income and credit profile.
  • Advantages:

  • Fixed interest rate.
  • Level principal and interest payments for the loan's full term.
  • No risk that changing market conditions will increase your monthly payment.
  • Underwriting standards are somewhat more liberal than those pertaining to conventional loans.
  • Disadvantages:

  • Requires both up-front and monthly mortgage insurance premiums, regardless of down payment.
  • FHA 30 Yr Fixed Refinance

    Best Choice If:

  • You want to qualify for the largest loan amount related to your income and credit profile.
  • Advantages:

  • Fixed interest rate.
  • Level principal and interest payments for the loan's full term.
  • No risk that changing market conditions will increase your monthly payment.
  • Underwriting standards are somewhat more liberal than those pertaining to conventional loans.
  • Disadvantages:

  • Requires both up-front and monthly mortgage insurance premiums, regardless of down payment.
  • Utah Housing - FHA

    Best Choice If:

  • You are financing your first home and have low to moderate income.
  • You have minimal or no funds for down payment and closing costs. Gifts from family members are allowed.
  • Advantages:

  • Interest rate is considerably lower than that of a conventional loan.
  • Fixed interest rate.
  • Principal and interest payments remain level for the loan's full term.
  • Combining this program with an FHA loan gives you the best options.
  • Loan is assumable.
  • The First Home Plus loan option can assist you in paying up to 6% of your down payment and closing costs.
  • Disadvantages:

  • You must qualify within the program's income limits and buy a home under the maximum cost and value allowed.
  • Cannot be combined with a conventional loan.
  • Utah Housing 30 Year Fixed No MI

    Utah Housing - VA

    Best Choice If:

  • You want to buy your first home with no money down.
  • You want to qualify for the largest loan amount related to your income and credit profile.
  • You are a first-time home buyer who desires to use the Utah Housing Corporation loan program to obtain a better interest rate.
  • Advantages:

  • Benefits qualified veterans wishing to purchase a home without a down payment.
  • Fixed interest rate.
  • Underwriting standards are somewhat more flexible than those of conventional loans.
  • No monthly mortgage insurance.
  • Disadvantages:

  • For qualified U.S. veterans only.
  • Requires a substantial funding fee, which can be added to your loan balance at closing.
  • Cannot use program for investment properties.
  • You must qualify within the program's income limits and buy a home under the maximum cost and value allowed.
  • Upon selling the home within the first nine years, members whose incomes exceed certain limits and who make a profit on the home may be required to pay a recapture amount.
  • VA 15 Yr Fixed Purchase

    Best Choice If:

  • You want to buy a home with no money down.
  • You want to qualify for the largest loan amount related to your income and credit profile.
  • You are a first-time home buyer who desires to use the Utah Housing Corporation loan program in conjunction with your VA loan. See the Utah Housing Corporation loan program description for further details.
  • Advantages:

  • Benefits qualified veterans wishing to purchase a home without a down payment.
  • Fixed interest rate.
  • Underwriting standards are somewhat more flexible than those of conventional loans.
  • No monthly mortgage insurance.
  • Disadvantages:

  • For qualified U.S. veterans only.
  • Requires a substantial funding fee, which can be added to your loan balance at closing.
  • Cannot use program for investment properties.
  • 30- and 15-year fixed rates only.
  • VA 15 Yr Fixed Refinance

    Best Choice If:

  • You want to buy a home with no money down.
  • You want to qualify for the largest loan amount related to your income and credit profile.
  • You are a first-time home buyer who desires to use the Utah Housing Corporation loan program in conjunction with your VA loan. See the Utah Housing Corporation loan program description for further details.
  • Advantages:

  • Benefits qualified veterans wishing to purchase a home without a down payment.
  • Fixed interest rate.
  • Underwriting standards are somewhat more flexible than those of conventional loans.
  • No monthly mortgage insurance.
  • Disadvantages:

  • For qualified U.S. veterans only.
  • Requires a substantial funding fee, which can be added to your loan balance at closing.
  • Cannot use program for investment properties.
  • 30- and 15-year fixed rates only.
  • VA 30 Yr Fixed

    Best Choice If:

  • You want to buy a home with no money down.
  • You want to qualify for the largest loan amount related to your income and credit profile.
  • You are a first-time home buyer who desires to use the Utah Housing Corporation loan program in conjunction with your VA loan. See the Utah Housing Corporation loan program description for further details.
  • Advantages:

  • Benefits qualified veterans wishing to purchase a home without a down payment.
  • Fixed interest rate.
  • Underwriting standards are somewhat more flexible than those of conventional loans.
  • No monthly mortgage insurance.
  • Disadvantages:

  • For qualified U.S. veterans only.
  • Requires a substantial funding fee, which can be added to your loan balance at closing.
  • Cannot use program for investment properties.
  • 30- and 15-year fixed rates only.
  • VA 30 Yr Fixed

    Best Choice If:

  • You want to buy a home with no money down.
  • You want to qualify for the largest loan amount related to your income and credit profile.
  • You are a first-time home buyer who desires to use the Utah Housing Corporation loan program in conjunction with your VA loan. See the Utah Housing Corporation loan program description for further details.
  • Advantages:

  • Benefits qualified veterans wishing to purchase a home without a down payment.
  • Fixed interest rate.
  • Underwriting standards are somewhat more flexible than those of conventional loans.
  • No monthly mortgage insurance.
  • Disadvantages:

  • For qualified U.S. veterans only.
  • Requires a substantial funding fee, which can be added to your loan balance at closing.
  • Cannot use program for investment properties.
  • 30- and 15-year fixed rates only.
  • Mortgage Rates

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