PURCHASE MORTGAGE
A Purchase Mortgage is a loan that you take out to purchase, or buy, a new home. Most mortgage lenders require a customer to put down 20% of the home's purchase price as a down payment. For example, if you are buying a house for $100,000.00, you would have to put a down payment of $20,000.00! Fortunately, there are many flexible programs that can help a buyer purchase a house with little or no money down:
- FHA purchase loans: 3% down programs.
- 100% purchase loans: many lenders have these loans available. Check state housing agencies
as well.
- Lease to Own: a small down payment can get you into a large home you can rent to own.
- Second Mortgages: many lenders offer 2 mortgages that can combine to cover the entire
purchase amount of the home.
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Mortgages and mortgage services to help you find the best mortgage loan. Buying or refinancing a home is a long term decision that can affect you for 30 years. Make a good financial decision about your mortgage with mortgage information you need.
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