A purchase loan is the mortgage that finances the home you are buying. The right one balances your down payment, monthly payment and long-term costs, and getting it lined up early makes you a stronger buyer.
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What It Is
A purchase mortgage is a loan secured by the home you are buying. You contribute a down payment, the lender funds the rest, and you repay the loan over a set term, most commonly 30 or 15 years, with either a fixed rate or an adjustable rate.
The type of loan you choose, such as conventional, jumbo, FHA or VA, determines the down payment required, whether mortgage insurance applies and how you qualify. Part of David's role is matching you with the type that fits your situation.
Who It Is For
- First-time buyers who want to understand what they can afford.
- Move-up buyers coordinating the sale of one home with the purchase of the next.
- Buyers of a second home or vacation property.
- Anyone who wants a pre-approval in hand before making offers.
Key Features
What to Have Ready
- Recent pay stubs, W-2s or other proof of income.
- Two years of tax returns if you are self-employed or have variable income.
- Recent bank and asset statements for your down payment and reserves.
- Information about any debts, and a valid photo ID.
Common Questions
How much do I need for a down payment?
It depends on the loan type. Some conventional programs allow as little as 3% down for eligible buyers, FHA allows 3.5% with qualifying credit, and VA loans often require no down payment. Putting 20% down on a conventional loan avoids private mortgage insurance.
When will I receive my loan costs in writing?
After you apply, the lender provides a Loan Estimate within three business days, and a Closing Disclosure at least three business days before closing, so you can review the final terms.
Should I get pre-approved before house hunting?
Yes. A pre-approval clarifies your budget and makes your offers more competitive.
Ready to buy?
Answer a few quick questions and David will reach out personally. No obligation.
Innovative Mortgage Solutions, NMLS #2302211. David L. Tripp II, NMLS #362229. Licensing can be verified at NMLS Consumer Access.
Equal Housing Opportunity. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, property eligibility and program availability. Program features described here are general and may vary by lender; terms are subject to change without notice.