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Mitch Mills

NMLS ID 284430

801-680-0100 mitch@mitchellmills.com

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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 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 five states. It was extended to al...

July 17th, 2019 | FHA Loans, Government Loans, 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 | Purchasing a Home, First-time Homebuyers, Government Loans, FHA Loans, VA Loans, USDA Loans, 4 Loan Programs With Zero-Down Payment

What is the Right Mortgage 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. Not to worry - this is not a hopeless situation. Fortunately, there are two 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 buyers to borrow enough money to cover the price of the home plus the estimated...

February 13th, 2019 | FHA Loans, Purchasing a Home, What is the Right Mortgage for Buying a Fixer-Upper?

The 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’s the basics you need to know as you save up for your first home. A down payment is a portion of the purchase price paid up front to your mortgage lender. It is very important to 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 your down payment can affect your mo...

January 2nd, 2019 | VA Loans, FHA Loans, Preapproval, Purchasing a Home, The Ins and Outs of a Down Payment