100% Purchase Financing
We have 100% financing loans which can also cover closing cost. We are one of the specialized lenders in the Wasatch Front able to get you financed through Utah Housing Corporation and USDA Rural Housing Development. Call to get details about these great loan programs (801) 403-8887.
Making dreams come true with zero down mortgages
We don’t think that saving for a down payment should be the reason you put your dreams on hold. We can help you buy your dream home with a zero down mortgage loan. You’ll not only be able to afford a home sooner, you’ll probably be able to afford more home. With a zero down mortgage, the amount of loan you can qualify for is determined by your ability to make your monthly payments rather than how large a down payment you’ve saved. And, for most buyers, this means qualifying for a larger loan.
Buying a home is something we all dream about, usually for years. You may have saved money for a down payment, but just don’t have enough to buy your dream home. If that’s the case, a piggyback loan may be the best option for you. Different than a zero down mortgage, a piggyback loan is actually two mortgages. The first mortgage is for 80% of the purchase price. The “piggyback” loan (or second mortgage) covers the shortfall between the purchase price and your down payment savings.
Utah Housing Loan
Utah Housing Corporation offers exciting loan programs to assist low- and moderate-income home buyers with the purchase of a home. All loan programs offer reasonable interest rates and the programs make available down payment and closing cost funds. As a result, many individuals purchase a home even though they have no savings. There are area and income restrictions so call for specific details (801)403-8887.
FIRST HOME Loan for FHA or VA – Loans are geared to first-time home buyers who have access to personal or family financial resources to pay all of their down payment and closing costs. First Home loans may also be used to purchase homes in Targeted Areas of Utah. This loan is geared towards First Time Home Buyers which means you have not owed a home in the last 3 years. We can finance 100% of the purchase price and closing cost of 2.5%. Requires a 660 credit score.
Home Again Loan for FHA or VA – Offers financial assistance for home buyers who have owned a property in the most recent 3 years. This program will allow 100% financing of the purchase price and closing cost as well. Requires a 660 credit score.
Score Loan for FHA of VA – Is the preferred loan for lower credit score home buyers. This allows home buyers with a credit score down to 620 to purchase a home with 100% financing. Some closing cost can be included but can vary.
No Mortgage Insurance Loan (NoMI) (Fannie Mae) – Offers 100% financing of the purchase price for Conventional Loan without any monthly mortgage insurance. Great program for home buyers who don’t want to pay the monthly mortgage insurance.
Let us help you explore all your mortgage options. We look forward to helping you!
USDA Rural Development Loan
The Guaranteed Rural Housing Loan Program is designed to serve rural residents who have a steady, low or modest income, and yet are unable to obtain adequate housing through conventional financing. These loans enable low and moderate-income rural residents to acquire modestly priced housing for their own use as a residence through the purchase of a new or existing dwelling or the purchase of a new manufactured home. In variation of the program, RHS does not make a loan directly to an eligible borrower, but guarantees a loan made by a commercial lender. This guarantee substantially reduces the risk for lenders, thus encouraging them to make loans to rural residents who have only modest incomes and little collateral.
An eligible applicant must have an adequate and dependable income and a decent credit history. RHS uses two formulas to determine a family’s ability to undertake the responsibility of a mortgage. First, the burden of principal, interest, taxes, and insurance (PITI) must be 29 percent or less of gross monthly income. Second, the total of monthly debts must be 41 percent or less of gross monthly income.
VA - Veterans Loans/Military will allow 100% purchase financing
VA Home Loans (Veterans Affair Home Loan)
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
Other benefits of a VA loan include:
- Closing costs comparable – and sometimes lower – than other financing types.
- No private mortgage insurance requirement.
- Right to prepay loan without penalties
- Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
Although mortgage insurance is not required, the VA charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.
A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.
Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.