Purchase Loans

Purchase money loans are, simply, loans used to buy a home. You will receive a trust deed or mortgage that you sign at the time of the purchase of the home as evidence of the loan on the home. These loans can be repaid over a designated point of time and are issued with some sort of fixed or variable interest rate. We specialize in purchase money loans – it is, essentially, our bread and butter.

The most common type of a purchase money loan is a conventional loan. Down payment requirements range from 3% to 20% or more.

Other common types of purchase money loans include:

    • FHA Loans: The minimum down payment requirement is very low at 3.5%.
    • VA Loans: Available to active- and non-active military and their spouses. The down payment can be zero but the borrower can put down any amount. These loans are guaranteed by the government.

To ask about your different loan options, contact us today: kthayer@rfmoc.com