Home purchase loans

Looking to buy a new home? Home purchase loans programs are designed to help overcome the two biggest barriers to homeownership: the need to save a lot of cash for down payment and closing costs and the difficulty in qualifying for bank loans. This site is designed to find home purchase loan programs suitable for you, regardless of your goals when making a purchase.

When applying for a loan on your new home, remember that you do not necessarily have to have the house picked out to begin the process. When applying for a loan, the lender is generally looking for two main factors: Your ability to repay the loan and your willingness to repay the loan.

Your ability to repay is based on the following:

• Your employment income - how much you make at your current job, and
• Your employment history - generally mortgage companies prefer that you have been employed at the same place for at least 2 years.

Your willingness to repay is based on the following:

• How will the property be used? - will you be occupying the house or will you be renting it out for additional income? Lenders generally prefer someone who occupies their own home.
• Your credit history - How current are you on all of your monthly payments and do you have any other outstanding debt? Lenders prefer people who pay their bills on time, especially their mortgage. If your credit isn't perfect, you can expect to pay a little more for your mortgage.