The Best Mortgage Lenders in Cambridge, ID
Compare verified mortgage lenders serving Cambridge, Idaho. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Cambridge
Featured Mortgage Lenders
Mountain West Bank
Mountain West Bank
Mountain West Bank is a highly-rated regional bank with strong presence in rural Idaho communities. With over two decades of experience, they specialize in serving smaller communities like Cambridge and understand the unique needs of rural property financing. They offer comprehensive mortgage solutions including USDA loans which are particularly valuable for Cambridge residents. Their local loan officers provide personalized service and deep knowledge of the local real estate market, making them a top choice for residential and land purchases in Washington County.
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Zions Bank
Zions Bank
As one of Idaho's oldest and most established financial institutions, Zions Bank has extensive experience serving rural communities throughout the state. They maintain a strong presence in southwestern Idaho and specifically offer mortgage services to Cambridge residents. Their expertise in rural property financing, combined with competitive rates and a wide range of loan products, makes them an excellent choice. Zions Bank is particularly noted for their construction and land loan programs, which are valuable for the Cambridge area's property types.
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Idaho Central Credit Union
Idaho Central Credit Union
Idaho Central Credit Union is the largest credit union in Idaho with a strong statewide presence and excellent reputation for mortgage lending. They serve all Idaho counties including Washington County where Cambridge is located. ICCU is particularly known for competitive rates, low fees, and exceptional member service. Their mortgage specialists have extensive experience with rural properties and offer specialized programs for first-time homebuyers. With digital mortgage capabilities and local service centers throughout the region, they provide convenient access to Cambridge residents seeking home financing.
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Frequently Asked Questions
Common questions about mortgage lending in Cambridge, ID
What are the current mortgage rates like in Cambridge, Idaho?
Mortgage rates in Cambridge are typically competitive with national averages, but rural areas can sometimes see slightly higher rates due to smaller lender competition. It's wise to compare offers from local credit unions like Gem State Credit Union alongside national lenders. Current rates for a 30-year fixed mortgage in the area generally range between 6.5% and 7.5% depending on credit and loan terms.
Are there any special mortgage programs for buying a home in Cambridge's rural setting?
Yes, Cambridge homebuyers often benefit from USDA Rural Development loans, which offer 100% financing with no down payment requirement for eligible properties and borrowers. This program is particularly valuable in Cambridge since most of the area qualifies as rural. Additionally, Idaho Housing and Finance Association programs are accessible to Cambridge residents.
How does Cambridge's seasonal economy affect mortgage qualification?
Cambridge's economy has seasonal fluctuations due to agriculture, hunting, and tourism, which can impact income verification for self-employed borrowers. Lenders may require 2 years of tax returns to establish stable income patterns. W-2 employees typically don't face these challenges, but should be prepared for thorough income documentation.
What should I know about property taxes when getting a mortgage in Cambridge?
Washington County property taxes are relatively low compared to urban areas, currently around 0.7% of assessed value. Your mortgage lender will include these taxes in your monthly payment through an escrow account. It's important to factor in potential tax increases as property values in the area continue to appreciate.
Are there local down payment assistance programs available for Cambridge homebuyers?
Yes, the Idaho Housing and Finance Association offers several down payment assistance programs, including grants and second mortgages that can cover up to 3.5% of the purchase price. These programs are particularly valuable in Cambridge where median home prices are more affordable than in larger Idaho cities, making homeownership more accessible.
Why Choose a Mortgage Lender in Cambridge?
Local Market Knowledge
Lenders who understand Cambridge's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Idaho.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Cambridge and get competitive rates on your home loan.