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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approximately 26 million American adults without a credit history and another 19 million whose credit histories are too outdated or limited to be scored with the traditional methods b...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?

What is the CHOICERenovation Mortgage?

Freddie Mac has announced the creation of a new home renovation loan program called the CHOICERenovation Mortgage.  This product is replacing Freddie Mac’s previous Renovation Mortgage and is very similar to Fannie Mae’s HomeStyle Renovation and FHA’s 203k loan. It offers many benefits to borrowers looking to make updates to their properties.   How Does It Work? The CHOICERenovation Mortgage breaks from its predecessor by eliminating the need for Interim Construction Finance and allows borrowers to take out one loan at closing to pay for both the home pu...

August 28th, 2019 | Loan Programs, Home Improvement, What is the CHOICERenovation Mortgage?

What is a Physician Loan?

Medical professionals often earn salaries far above the average American salary, and yet most come out of school with hefty student loans to repay. Such high debt loads would normally disqualify them from obtaining mortgage loans for several years. Thanks to Physician Loans in Utah, many new doctors, surgeons, dentists, veterinarians, and even medical residents can buy a home without the wait.   What is it? A Physician Loan is designed for medical professionals who are or will be earning very high salaries but still have huge amounts of student debt. Mortgage lenders would not gene...

May 29th, 2019 | Home Buying or Selling, Loan Programs, What is a Physician Loan?

Can I Qualify for Down Payment Assistance?

One of the biggest obstacles to homeownership is coming up with enough money for a down payment. When your own savings are not adding up quickly enough and you don’t have a rich uncle to tap for an early inheritance, you may find some help in a down payment assistant programs.   Down Payment Assistance Programs Many state and local governments, as well as local lending institutions and non-profit organizations, have created down payment assistance programs because of their vested interest in helping residents and fellow community members become homeowners. Those who own homes...

April 10th, 2019 | Home Buying or Selling, Loan Programs, First-time Homebuyers, Can I Qualify for Down Payment Assistance?

What is a 5/5 ARM?

If you are familiar with adjustable-rate mortgages (ARMs), you have probably heard of the 5/1 ARM or even the 10/1 or 1/1 ARM. There is a newer ARM loan available that is growing in popularity: the 5/5. Here’s everything you need to know about this unique loan product.   What is it? The first number in an ARM refers to how long the initial fixed-rate period is, and the second number tells how often the mortgage rate can adjust thereafter. Thus a 5/5 ARM is one with a fixed interest rate for the first 5 years that will adjust every 5 years from that point on. While having a...

April 3rd, 2019 | Loan Programs, Interest Rates, What is a 5/5 ARM?

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?

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