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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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Can I Get a Mortgage Without a Credit Score?

You need a good credit score to get the best rates on mortgage loans. Less-than-perfect scores will mean higher interest rates and subprime credit scores will make borrowing money very expensive. But what if you have no credit score at all? Is it possible to get a mortgage without a credit score?   The Credit Score-free Population According to the Consumer Financial Protection Bureau (CFPB), there are approximately 26 million American adults without a credit history and another 19 million whose credit histories are too outdated or limited to be scored with the traditional methods b...

September 18th, 2019 | FHA Loans, Credit and Debt, First-time Homebuyers, Loan Programs, Can I Get a Mortgage Without a Credit Score?

Energy Efficient Mortgage Program

The federal government has aimed to help increase homeownership for decades. One of the Federal Housing Administration’s many programs to help Americans, including those in Utah, in their homeownership dreams is the Energy Efficient Mortgage program (EEM). Many homes, especially older ones, could be much more affordable if they were updated to be more energy efficient. The EEM allows borrows to make those updates and save money as new homeowners. The Department of Housing and Urban Development (HUD) first created the Energy Efficient Mortgage program in 1992 and piloted it in fiv...

July 17th, 2019 | FHA Loans, Saving Money, Home Buying or Selling, Energy Efficient Mortgage Program

4 Loan Programs With Zero-Down Payment

Are there ways to get a mortgage loan without making a down payment? While the options are not as plentiful as they used to be, there are still at least four government-backed programs that allow borrowers to buy a home with no down payment. Over a decade ago, home prices were skyrocketing month-to-month, giving homebuyers “instant equity.” Mortgage lenders offered “zero-down” home loans to most of their customers, with confidence that those borrowers would soon own a significant stake in their homes. However, the housing market crashed, and home prices began plungin...

May 22nd, 2019 | VA Loans, FHA Loans, Conventional Loans, Home Buying or Selling, First-time Homebuyers, 4 Loan Programs With Zero-Down Payment

What is the Right Home Loan in Utah for Buying a Fixer-Upper?

You have found your dream house but it will take significant work to make it a home. You do not have cash in savings to pay for both a down payment and the repair costs. Can you get a home loan in Utah when buying a fixer-upper? Not to worry - this is not a hopeless situation. Fortunately, there are two common types of mortgage loans available for just this scenario: The Federal Housing Administration -FHA 203(k) rehabilitation loan or Fannie Mae HomeStyle Renovation Mortgage.   FHA 203(k) Mortgage The Federal Housing Administration has provided a home loan that allows bu...

February 13th, 2019 | Home Buying or Selling, Conventional Loans, Loan Programs, Home Improvement, FHA Loans, What is the Right Home Loan in Utah for Buying a Fixer-Upper?

What Are Mortgage Points?

If you have ever checked out the current status of mortgage interest rates, you may have seen the average points listed next to the rates. What are these mortgage points and how do they affect your interest rate?   Points Defined Mortgage points, or discount points, are upfront fees paid to your lender that allow you to “buy down” your interest rate on your home loan. The idea is that you are prepaying some of the interest on the mortgage, which gives you a lower rate. The more points you pay, the lower your interest rate will be. One point is equal to 1% of the total m...

February 6th, 2019 | Home Buying or Selling, Conventional Loans, VA Loans, FHA Loans, Mortgage Basics, Interest Rates, What Are Mortgage Points?

Ins and Outs of a Down Payment

Being able to purchase a home is often tied to how much of a down payment you have saved. If you have never bought a house before, you may not understand what a down payment is or why it is so important. Here are the basics you need to know as you save up for your first Utah home. A down payment is a portion of the purchase price paid up front to your mortgage lender. It is very important to mortgage brokers and mortgage lenders because it shows them you are serious about the purchase and committed to paying off your loan.   How Down Payments Affect Your Mortgage The size of you...

January 2nd, 2019 | Conventional Loans, First-time Homebuyers, VA Loans, FHA Loans, Interest Rates, Home Buying or Selling, Ins and Outs of a Down Payment

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