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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

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Can I Qualify for an FHA Loan?

FHA loans (those sponsored by the Federal Housing Administration) are mortgages that allow low down payments and have relaxed credit score requirements, making them very popular with first-time homebuyers and those with less-than-perfect credit. If you think an FHA loan might fit your needs, the first step is to determine if you can qualify. Here are the basic requirements:    Credit Score and Down Payment Requirements for FHA Loans Credit score and down payment requirements are tied together under FHA loans. For those who have a FICO credit score of 580 or higher, the minimum...

July 25th, 2018 | FHA Loans, First-time Homebuyers, Loan Programs, Can I Qualify for an FHA Loan?

What's the Difference Between FHA Loans and Conventional Mortgages?

If you are just getting started in the home buying process, you have probably come across several different types of Utah mortgage loans as you have researched your options. Two of the most common home loan types are conventional and FHA mortgages. What are the differences between them and when does each make the most sense?   FHA Loans FHA or Federal Housing Administration, loans are government-insurance programs that make it easier for Americans without great credit or large down payments to become homeowners. When a borrower is approved for an FHA loan with an approved...

July 11th, 2018 | FHA Loans, Conventional Loans, Loan Programs, Mortgage Basics, What's the Difference Between FHA Loans and Conventional Mortgages?

VA Home Loan Program: It’s Flexible

The VA home loan program has many benefits. One you may not know about: There’s no specific waiting period after a short sale to apply for a VA loan. Other home loan programs have waiting periods of three or more years after a short sale to apply for another Utah mortgage. A short sale is when you sell your home for less than the balance remaining on your mortgage. Short sales can provide a way for families with real estate issues to get a fresh start and avoid foreclosure. But selling your home via a short sale can make purchasing another home right away difficult. The VA home loa...

September 29th, 2017 | VA Loans, Loan Programs, VA Home Loan Program: It’s Flexible

The Benefits of a 203K Home Renovation Loan

Have you heard about the FHA 203K home renovation loan? This innovative loan program is designed to make it much easier to purchase a home in Salt Lake City that needs a lot of repair work or updating. With a 203K loan, home buyers are able to take out one loan for the purchase and improvement of a property. As with the popular FHA Utah home loan program, borrowers can make only a minimal downpayment. Another plus: With only one loan, there’s only one set of closing costs. And once the loan closes, the homeowner then has the funds to immediately begin repair or renovati...

April 5th, 2015 | FHA Loans, Loan Programs, Home Improvement, Home Buying or Selling, Refinance, The Benefits of a 203K Home Renovation Loan

VA Loan: Great Benefit for Those Who Have Served Their Country

The VA home loan program is an incredible benefit for those who have served our country. This flexible financing option offers competitive interest rates and is one of only a few sources of no down payment home loans available today. Here’s something else you may not know: It’s designed to protect veterans by making sure the home they are purchasing meets certain standards. The VA does this through an appraisal process. The goal is to ensure that veterans pay a fair price for their home and are purchasing a property that is structurally sound. There are generally two parts ...

February 17th, 2015 | VA Loans, Loan Programs, VA Loan: Great Benefit for Those Who Have Served Their Country

Which Loan Term Fits Your Needs?

Getting ready to buy a home? Now is the time to be thinking about which type of loan term best fits your needs. Most buyers take out a 30 year fixed rate Utah home loan. In fact, more than 80 percent of buyers select this option because of the low monthly payment. The other main options are 10 year and 15 year fixed rate loans. The big downside with these shorter-term options is the significantly higher monthly payment. With a 15 year home loan, for example, you can expect to have a 28 to 30 percent higher monthly payment than with a 30 year. And, you’re locked into paying that hig...

January 22nd, 2015 | Loan Programs, Which Loan Term Fits Your Needs?

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