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 six exciting loan programs to assist low- and moderate-income homebuyers with the purchase of a home. All loan programs offer reasonable interest rates and three of 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) 983-8235 or email ahua@graystonemortgage.com.

 

FIRST HOME - loans are geared to first-time homebuyers who have access to personal or family financial resources to pay all of their down payment and closing costs. FirstHome loans may also be used to purchase homes in Targeted Areas of Utah. 

 

EQUITY NOW - offers financial assistance for first-time homebuyers who do not have personal or family finances with which to pay their down payment and closing costs. These costs generally average 5% - 6% of the home purchase price. Applicants can borrow up to 6% of the amount of their first mortgage using a second mortgage that will have the same term as the first mortgage, but an interest rate of 7%.

 

VEP-FIRST HOME - is the preferred loan for Veteran homebuyers who have access to personal or family financial resources sufficient to pay all of their down payment and closing costs. Veterans may purchase a home in any location in Utah.

 

VEP-EQUITY NOW - offers financial assistance for Veteran homebuyers who do not have personal or family finances with which to pay their down payment and closing costs. These costs generally average 5% - 6% of the home purchase price. Veterans can borrow up to 6% of the amount of their first mortgage using a second mortgage that has the same term as the first mortgage, but an interest rate of 7%.

 

SINGLE PARENT FIRSTHOME - loans are designed to assist single parents who have previously owned or co-owned their own residence and have primary custody of at least one minor dependent. These applicants have access to personal or family resources with which to pay all of their down payment and closing costs

 

SINGLE PARENT EQUITY NOW - loans assist single parents who have previously owned or co-owned their own residence and have primary custody of at least one minor dependent. These applicants need to borrow funds from UHC to pay all or a part of their down payment and closing costs.

 

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.  

Let us help you explore all your mortgage options. We look forward to helping you!