What is a Purchase Money Loan?

When people borrow money to buy a house it is called a purchase money mortgage or home loan. Shop home mortgage rates for first time buyers for free with no obligation.

Home Loan and Purchase Money Mortgage Financing

The housing market continues to surge but the Fed kept mortgage rates low and attractive purchase loan options have helped spur the recovery. Many economists have called this a prudent time to buy a residential real estate. A “purchase loan” is a term used to describe financing for a residential home.

In an effort to be competitive, Nationwide lenders make every effort to guarantee the best rates for qualified home buying loan applicants online. We can match you with home loan lenders that offer flexible 1st time home buyer loan programs with government and private money finance options.

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Compare Rates on 1st Time Home Buying Loans & Purchase Money Mortgage Programs

We recognize the importance of finding the best mortgage lenders to get you approved for the home of your dreams. Our website will help you navigate home purchase loan process so you make the right choices. That’s why ensuring personalized attention to each member throughout their home financing journey is one of our foremost priorities.

We encourage you to shop online and choose from a wide variety of popular purchase mortgage programs like conventional, jumbo, VA and FHA. We offer a wide variety of home purchase money solutions for borrowers with all types of backgrounds and credit.

Most of our online customers enjoy their experience with BD Nationwide because we deliver useful info on first time home loans with connections to credible companies that extend competitive purchase mortgages with superb service.

Learn More about Home Purchase Money Loans with Great Rates and Terms

Did you know that buying a home will be a lot easier if you are prepared with a pre-approval from a trusted lender that spells out the terms of the proposed home purchase mortgage? Meet our purchase money lenders and you will appreciate how they hold your hand and walk you through the home financing process to reduce the hassles of becoming a homeowner.

  • First Time Home Loan Programs for People with Low Scores or a Limited Credit History
  • Learn More on How to Purchase a Home with Bad Credit Scores
  • Military Loans for Home Buyers with No Down-Payment Required
  • Path to Homeownership from Freddie Mac with Low Rate Home Buying Mortgages
  • Home Purchase Loans with No Mortgage Insurance
  • Get Help Financing a Home with a Fixed Rate for 30-Years
  • Reduced Interest Rate with Hybrid Home Loans (See lender for rates and terms)
  • Affordable Home Buying Loans with Competitive Rates

home finance loan

Financing Advice for First Time Home Buyers in 2024

Most people have their home loan for about thirty years. That means the characteristics of your home loan will impact the rest of your life! As a first-time home buyer, it’s important you become as knowledgeable as possible about your loan options. When people embark on the journey of first time home buying, they frequently do not know where to start.

However, there is a purchase mortgage product that meets their needs: The FHA which is managed by the Department of Housing and Urban Development offers an affordable first time home loan with flexible requirements that is designed to stimulate home ownership in the United Sates.

FHA stands for Federal Housing Administration – is a wing of “HUD” created to help American people achieve the goal of owning their first home. The organization does it by accrediting companies that develop purchase mortgage packages supported by FHA insurance.

Many new house buying prospects like FHA for first time home loans because you only need a 3.5% down-payment and the government finance program is more flexible when it comes to credit. Get a quote from a competitive lender for free with no obligation. Please complete the quick form below and one of our home loan specialists will follow up with shortly thereafter.

Buying a home offers many financial benefits. Becoming a homeowner offers significant advantages like tax deductibility. Borrowers can write off the interest of their mortgage payments monthly in most cases. Read more > Mortgage for First Time Home Buyers.

Home Loan Checklist

Before making an offers to buy a home, obtaining loan pre-approval is a crucial step to determine your affordable housing range. We will connect you with experienced lenders to help you with the pre-approval process. Upon completion, you’ll receive a personalized quote and a pre-approval home loan letter for presentation to sellers. Having a pre-approved home loan letter enhance your negotiating position when making an offer. Several factors contribute to the qualification process:

Down payment:
While a higher down payment signifies lower risk and potentially a lower rate, our options allow for a minimum down payment of 5% with private mortgage insurance or, for eligible borrowers, as low as 3% through the HomeReady® Mortgage program.

Credit score:
Your score is influenced by factors like payment history and credit age. To maintain your score, it’s advisable to avoid new credit inquiries before house hunting and during the loan closing process.

Debt-to-income ratio:
Calculated by dividing your total monthly debt payments by your gross monthly income, a lower ratio expands your financing options. Adhering to the 28/36 rule is recommended.

Employment history:
Ensuring your ability to afford your home, we assess your job history and request proof of income.

What is the easiest loan for home buying to get approved for?

Government-backed loan choices like FHA, USDA, and VA loans are generally more accessible due to potentially lower down payment and credit score prerequisites in comparison to conventional mortgage loans.

What’s the difference between a mortgage and a home finance loan?

While a mortgage is a financial agreement tied to real estate, using it as collateral for a loan, a home loan is a specific type of mortgage tailored for acquiring residential properties. Essentially, a home loan falls within the broader category of mortgages, specifically crafted for purchasing homes.

purchase mortgage

Find Great Rates and Terms Online with Purchase Loans for All Credit Types

  • Best Purchase Money Mortgage Rates
  • Get Approved for a Purchase Loan with a Great Rate!

Consider what you are paying now every month to rent and then realize that you may get into a better home for the same or less money each month. Then when you factor in the benefits of homeownership, it would be difficult for you to walk away from a low rate purchase loan that helps you meet your housing needs.

Our lending partners have helped thousands of first time homebuyers get approved for home purchase loans that are affordable and cost-effective. Connect with one of our purchase mortgage lenders and you appreciate how much experience goes into each one of our purchase loans.

Nationwide provides more info on unique opportunities for first time home buying loans and existing homeowners to find competitive purchase loan rates without the hassles. Let the experts help you find loans for home buyers. The fact remains that there are many affordable home mortgages for people with a wide range of credit ratings.

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Conforming Limits on Purchase Mortgages

1-Family Properties: $417,000
2-Family Properties: $533,850
3-Family Properties: $645,300
4-Family Properties: $801,950

The FHFA is now involved in setting the limits on home purchase limits. Like FHA, they have designated higher loan amounts for areas of the nation that are determined as high-cost regions that deserve raised loan limits. When you a ready we will introduce you to lenders that can educate you on the latest mortgage standards for home buyer loan programs from Fannie Mae, Freddie Mac, VA, FHA and many more private mortgage sources in all 50 states.

Compare Purchase Loan Options for the Lowest Rates Online

New home buyers find themselves in good position this year because home prices have declined, and interest rates are at record levels. Don’t wait for rates to rise. Consider several purchase mortgage loan programs with attractive incentives like low rates and no closing costs. Act now and get the info you need about getting pre-qualified for an affordable purchase mortgage loan with credible lenders.

3 Tips for to Ensure the Best Home Buying Loan Experience

Experienced Local Realtor – 1. Experienced Local Realtor – Buying residential real estate can be complex if you work with the wrong people. You need a realtor who understands your neighborhood while also having experience buying and selling properties in the region.

Lender that Specializes in Purchase Mortgages – Most brokers and lenders on television specialize in refinancing rather than offering home purchase loans. Uncover new opportunities that may not require as much money. Ask about the details of new down payment assistance home loans that could help you jump into the real estate game.

Master Your Budget – Do not buy a house you cannot afford. It is imperative that you know your finances and create a budget that you stick to. Don’t let a friend or realtor talk you into a house that is outside your budget

BD Nationwide Testimonials on Facebook:

“I’m thrilled to share that we finally discovered a loan company that facilitated our approval for purchasing a home!” – Darryl L., Birmingham, AL

“After being turned away multiple times by banks, Nationwide somehow approved us for a fixed-rate purchase loan that aligns with our budget!” – Tony N., Boston, MA

“As a first-time buyer, I was apprehensive about securing approval for an affordable purchase mortgage. Tammy, my loan officer at BD Nationwide, walked me through the intricate loan process, ensuring our loan closed successfully. Thanks for going the extra mile!” – Rita P., Palm Beach, FL

“I stumbled upon BD Nationwide during a Google search for lenders offering first-time home loans. They connected us with several companies willing to take chances on individuals with low credit scores. We received valuable advice at no cost and ended up becoming homeowners with an improved housing situation.” – Keith H., Scottsdale, AZ

“I’m enthusiastically recommending BD Nationwide to all my friends and family on Facebook because they took care of me by securing the lowest home purchase loan rates available online.” – Jenny K., Los Angeles, CA

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