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A purchase money loan is a type of mortgage that’s used to buy a home.
What makes it different from other home loans is that it’s not a refinance mortgage, but rather it’s evidenced by the trust deed at the time the homebuyer purchases the home.
Borrowers can obtain the loan from private source of funds, a credit union, or a bank.Types Of Purchase Money LoansConventional Purchase Money LoansThis is a common type of purchase loan since mortgage broker office or banks initiate it.They comply with the Freddy Mac and Fannie Mae, so you can package and sell after closing in the secondary mortgage market.
For exceptional borrowers in the special categories, the down payment requirement starts from zero, but it can go as high as 20% or more.FHA Purchase Money LoanOne of the things that make this loan favorable for most people is its down payment that can be as lowas 3.5% of the sale price.
There are also states that may offer secondary financing to help with closing cost and downpayment.These loans are governed by housing and urban development and insured by the Federal Housing Administration.
Take note that an investor can hardly get an FHA loan as itsonly accessible to borrowers that occupy the property.The VA Purchase Money LoanThis loan is best suited for non-active and active military and their spouses but under special circumstances.
