🏠 Home Purchase
Purchase Loans
🔒 Secure · No Obligation
Why This Loan
Purchase Loans
A purchase loan helps homebuyers finance the purchase of a property, whether it is a first home, a move-up home, a vacation property, or another type of real estate. These loans are designed to provide the funding needed to buy a property while spreading the cost over time through manageable payments.
Purchase loans are often useful for buyers who want to secure a property without paying the full purchase price upfront. They can also provide flexibility depending on the buyer’s financial goals, down payment amount, and long-term plans.
Whether you are just starting your home search or already have a property in mind, a purchase loan can be an important step toward turning your real estate goals into reality.
Quick Overview
Best for: First-time buyers, move-up buyers, vacation property buyers
Common use: Buying a new primary residence or secondary property
Credit score guidance: 620+ for conventional, 580+ for FHA
Down payment: 3%–20% depending on program
Why This Loan
Key Benefits
Competitive Rates
Access rates from 300+ lenders competing for your business, ensuring you get the best possible terms.
Flexible Down Payments
Conventional options as low as 3% down, with government-backed programs available for even lower requirements.
Fast Pre-Approval
Get a pre-approval decision quickly to make competitive offers in today's market.
Fixed or Adjustable
Choose between fixed-rate stability or an adjustable-rate mortgage depending on your plans.
No Obligation
Receive multiple offers and compare before committing. Zero pressure throughout the process.
Expert Support
Our matched lenders specialize in purchase loans and can guide you through every step.
Qualifying
Qualification OverView
General Requirements
Credit score guidance: 620+ for conventional, 580+ for FHA
Down payment: 3%–20% depending on program
Stable income with 2-year employment history preferred
Debt-to-income ratio typically under 43-50%
Final qualification is determined by individual lenders. Requirements vary. This is for informational purposes only.
Typical Documentation
W-2s and tax returns (2 years)
Recent pay stubs and bank statements
Government-issued photo ID
Property purchase agreement when available
Documentation requirements vary by lender and loan program. Your matched lender will provide a specific list.
See if this loan fits your scenario
FAQ
Purchase Loans
Questions
Conventional loans start at 3% down. FHA loans require 3.5%. VA and USDA loans may allow 0% down for eligible borrowers. A 20% down payment eliminates private mortgage insurance (PMI).
From application to closing, purchase loans typically take 21-45 days. Having your documentation ready and getting pre-approved before making an offer can speed up the process.
Expect closing costs of 2-5% of the loan amount, which can include origination fees, appraisal, title insurance, and prepaid items. Some of these can be negotiated or rolled into the loan.
Yes, and we strongly recommend it. A pre-approval letter shows sellers you are a serious buyer and can give you a competitive advantage in a hot market.