The Salt Lake City Home Loan Process, Simplified

Find the Loan Option to Fit Your Needs

A Simplified Process


Let us simplify the FHA, conventional, VA and mortgage loan process in Salt Lake City for you. Together, we will explore your home loan options, and the steps you need to be pre-approved. We will educate you on the process and available options for first-time home buyers. When you are ready, we will be sure that you are pre-approved so you can be ready to make an offer when you find your dream home.”

First Time Buyers


At American Pacific Mortgage, our Salt Lake City company core values guide us in our actions, voice, and presence in the mortgage industry. These are the values that set us apart from the competition, and the reason that American Pacific Mortgage is the benchmark for success and satisfied customers.

Utah Housing 100% Financing Options Available


The home can be located anywhere in Utah and includes Single Family homes, PUD’s, Condo’s and Manufactured Homes in Utah. To be eligible for Utah Housing Corp’s down payment assistance program a homebuyer must first qualify in Salt Lake City for an FHA, VA or Conventional first mortgage loan.

The Utah Housing loan program that is best for you will depend on several factors such as credit score, debt ratios, your income and the purchase price of your home. Utah Housing has programs with credit scores 620 and higher and qualifying income up to $8,900 monthly (properties in Summit county up to $12,500 monthly).

You may be able to borrow your entire FHA, conventional or VA mortgage loan minimum required for a down payment plus all or a portion of your closing costs on a Utah Housing Corp 30 year fixed rate second mortgage.

Adjustable Rate Mortgage (ARM)


An Adjustable Rate Mortgage, or ARM, can be a powerful tool for homeowners. An ARM is a mortgage that offers a low introductory fixed rate term. After this period is over, the adjustable period follows for the remainder of the term. During this adjustment period the interest rates can adjust up or down, depending on the financial index it is attached to.

During the initial fixed period, the interest rates on an ARM are generally lower than with a fixed term loan. This means lower monthly payments for the introductory term. If you plan on selling or refinancing your home in 5-7 years, the ARM is a great option for lowering your rate and payments during that introductory fixed period.

USDA Loans

If you live outside of a major metropolitan area, then you may qualify for a USDA loan. As a matter of fact, millions of borrowers are eligible for USDA loan, the only program that offers 100% financing available* to buyers who haven’t served in the military. The county and zip code of the home you want to purchase may meet the guidelines as long as it is outside of a major metropolitan area. USDA loans are serviced by direct lenders that meet federal guidelines. *Qualifying factors may apply.

Jumbo Loans

Jumbo loans are also considered non-conforming loans because they exceed the conforming loan limit of $453,100. Some counties may vary in conforming loan limits. Interest rates on Jumbo loans tend to be higher, due to the increased risk associated with larger loan amounts, and because the loans cannot be sold to Freddie Mac or Fannie Mae on the secondary market. Jumbo loans are available in a variety of fixed and adjustable rate terms, and tend to have a higher down payment and cash reserve requirement. Loan amount up to 3 million.

VA Loans

Veterans, actively serving military personnel, and surviving spouses of veterans qualify for a VA loan with suitable credit, adequate income, and a valid Certificate of Eligibility. The amazing benefits to buyers or borrowers cannot be matched by any other loan program. Purchase a home with no money down, borrow 100% of the value of the home or more, qualify with lenient guidelines, and avoid mortgage insurance requirements with a VA loan. The VA offers a Streamlined Refinance to lower the interest rates of many veterans without having to re-qualify.

Conventional Loans

A simple loan program that is based on, your income, credit & down payment — not backed by a federal agency, like FHA & VA mortgages. Customized for just about anybody – first time homebuyers, teachers, doctors, etc. Loans with down payments less than 20%, have the advantage of paying for mortgage insurance through a private agency (PMI) verses a federal agency.

FHA Loans

FHA loans are insured by the Federal Housing Administration, and with the government guarantee, lenders are more willing to lend with more lenient qualifying guidelines. With more lenient qualifying guidelines, FHA loans make homeownership more accessible to more people. Credit scores to 580, higher debt ratios, and seller contributions are all allowed with a FHA loan. A few ups and downs in your credit history may be ok with FHA guidelines. The required down payment for an FHA Loan can be as low as 3.5% this lower down payment can even be provided to you from a family member as a gift fund. You can refinance with an FHA loan, even if you don’t currently have an FHA loan.

  • Ideal for First Time Buyers
  • Lower down payments and gift funds allowed
  • More flexible qualifying guidelines
  • Available for purchase or refinance, fixed or adjustable rate

Reverse Mortgage Loans

If you are 62 or older and own your home, you are uniquely qualified to benefit from a reverse mortgage. This loan program is designed to help qualifying borrowers get access to their equity, stay in their home, and potentially rid themselves of a monthly mortgage payment. Borrowers are still responsible for property taxes, homeowners insurance, and maintenance of the property. A reverse mortgage gives you access to the equity that you have built up in your home over the years through principal payments, your down payment, and appreciation. You can receive this equity to use however you want. You may also use a reverse mortgage to purchase a home.

Innovative Programs to Serve Your Unique Mortgage Needs

APM Specialty Loans

Check out our lineup below to find out how APM offers more innovative home loan programs for whatever your specialty needs may be. The Loan Advisors at APM will help you narrow down the possibilities to select the loan that fits your individual needs.


The 20-day Close with your offer backed by the purchasing power of a full loan approval. Our Keys on Time program will help your purchase offer stand out in a competitive market because we will work with you to get full underwriting loan approval to ensure your loan will close on time, even if you have not yet identified the property. If your loan does not close on time, we will credit you $895 in closing costs.*

  • Over 90% of owner-occupied homes qualify
  • First-time and move-up homebuyers are eligible
  • Single-family, condos, investment, second-homes

Disclaimer: *Not available in Oregon. * The “Keys on Time” program is a limited guarantee that APMC will provide a credit to the borrower of $895 after the close of escrow if, due to some fault on the part of APMC, its originators or other APMC staff, a purchase transaction does not close until a date after the originally stated close of escrow date. The “Keys on Time” limited guarantee does not apply if the purchase transaction fails to close on or before the anticipated close of escrow date due to events/circumstances beyond APMC’s control, including but not limited to, delays caused by: an unacceptable or unexpectedly low appraisal value on the subject property, acts or omissions by the escrow or title company, second lien holder approvals, short sale approval, or loan conditions imposed by the lender that, despite reasonable diligence by APMC, are not met by any party in a timely manner. The “Keys on Time” limited guarantee trigger begins when the initial loan package is received by APMC’s Fulfillment center. The complete loan package must be received in the APMC Fulfillment center a minimum of 20 days prior to the COE date.

Exclusions: The limited guarantee does not apply to the HARP program, reverse mortgages, FHA 203k, non-delegated jumbo products or any loans that require prior approval from an investor. The limited guarantee applies to purchase transactions only. All programs are subject to borrower and property qualifications. Rates, terms, and conditions are subject to change without notice.


Specialized mortgage program for medical professional, like yourself! Your student debt can be excluded from your debt-to-income qualification, (some conditions apply). It’s our way of saying thank you for all you do!

  • Up to 95% loan-to-value (LTV) for lans up to $1M
  • Up to 85% loan-to-value (LTV) for lans up to $2M
  • Up to 43% debt-to-income (DTI)
  • Student loans may be excluded from the DTI with proof of >/= 12 months of deferment / forbearance

A mortgage program dedicated to current full-time employed teachers, police, firefighters, and correctional officers.

  • Save up to $500 in reduced Lender Fees for qualified Teachers, First Responders, and Correctional Officers
  • Gift fund options available which can be used for 100 percent of the home purchase down payment
  • Take advantage of lender paid mortgage insurance options to reduce your monthly mortgage expense

*Please visit our Disclosures Page for more details for all loan types.


Still Have Questions?

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