Purchase Mortgages
A purchase mortgage is made at the time of purchase of the property to make up the difference between your down payment and the purchase price of the home.
The information below is for Conforming Purchase Mortgages. These are mortgages that "conform" to the most attractive program guidelines. Loans that are Conforming usually get the best interest rate available.
These mortgages are available for the purchase of Primary Residences, Second Homes, and Investment Properties. The types of properties that can be purchased are Single Family Residences, Townhomes, Condos, Multi-Family Residences (up to 4 units), and Manufactured Homes.
The maximum amount of these mortgages is determined by the number of dwelling units.
Maximum Loan Limits for Conforming Mortgages |
|
| Property Type | Loan Limit |
| One - Family | $417,000 |
| Two - Family | $533.850 |
| Three - Family | $645,300 |
| Four - Family | $801,950 |
There are several other mortgage programs that can also be utilized for purchases. These include Government Mortgages and Private Mortgage.
