Home ownership has long been the American dream, but it’s not unusual for hopeful homeowners to find themselves priced out of their local market. That’s why a Zions Bank Affordable Home Mortgage Loan can be a valuable opportunity for those looking to buy a home. In 2025, more than 175 clients used a Zions Bank Affordable Home Loan to purchase a home.
Affordable home mortgage loans aren’t always top of mind for prospective homeowners, but qualified borrowers will receive unique benefits they can’t obtain from other types of home loans.
Mike Gould, Mortgage National Production Manager for Zions Bancorporation, shared his insights on the 4 reasons why home buyers should apply for a Zions Bank Affordable Home Mortgage Loan.
Reason #1: Competitive home loan features
Compared to traditional mortgages, the Zions Bank Affordable Home Mortgage Loan has highly competitive features to help ease the financial burden for borrowers. These benefits include a low requirement for a down payment of 3% closing cost assistance of $1,500 or $3,000 (purchases only) and a competitive interest rate.
“From a borrower’s perspective, it’s critical to preserve your buying power,” said Gould. “By providing these features, we help make homeownership much more affordable.”
One of the largest hurdles for a first-time homebuyer is saving a down payment. If you can’t put at least 20 percent down, you’ll be required to pay mortgage insurance, which adds to the monthly cost of your mortgage. This is where the Affordable Home Mortgage Loan particularly helps buyers.
“Some lenders — including Zions Bank — have home loans that will cover the cost of mortgage insurance for qualifying borrowers,” says Gould. “Because this won’t add to your monthly costs, it could allow you to become preapproved for a larger mortgage or save hundreds of dollars each month that you can allocate to other areas.”
Reason #2: You might be more qualified than you realize
Some prospective homebuyers might not consider this type of mortgage because of uncertainty about eligibility requirements. But according to Gould, more people are qualified than they realize.
“One of the biggest myths about home mortgages is the perception that you need a perfect credit score,” says Gould. “It’s true that high credit scores will help you get the best interest rates. But when it comes to the Zions Bank Affordable Home Mortgage Loan, the credit requirements are far more accommodating.”
Gould explains, “For borrowers with limited credit history, there are alternate ways for lenders to evaluate their application. For example, we might be able to examine their financial records for paying utility bills and rent.”
Reason #3: Take advantage of opportunities in growing areas
Because of the way census tracts are organized, Gould says there are benefits from buying a home in these areas. Census tracts eligible for the Zions Bank Affordable Home Mortgage Loan are typically underserved areas with potential for future expansion.
“Many census tracts in Utah and Idaho eventually went through explosive growth,” says Gould. “Many businesses seek to expand in areas that are underserved, which helps attract more residents.”
Gould pointed out that many former census tracts, such as Magna, Utah, are now thriving communities with business and residential growth. Because Utah and Idaho were ranked among the 10 fastest-growing states in 2024, it’s likely that continued population growth will support this trend for years to come.
Reason #4: An affordable home Ioan can be processed with ease
“The Zions Bank Affordable Home Mortgage Loan is not inherently more complex than traditional mortgage products,” says Gould. “In fact, they could sometimes be more easily approved compared to other loans.”
Choose a Lender with a Streamlined Mortgage Application Process
Zions Bank’s mission is to serve all those in the communities we support and provide our clients with a homebuying process that is achievable. Thinking outside the box and working with our clients to obtain the right financing for their unique situation is paramount.
If you’re seeking to close on a home this year, you’ll benefit from having a mortgage provider with a streamlined application process. Zions Bank’s Zip Mortgage allows clients to complete their mortgage loan application in 10-15 minutes and offers a 24-hour automated underwriting system.
To learn more about your mortgage loan options, contact a Zions Bank Mortgage loan officer.
