Purchase money loans? - Loan Modification Forum

greenapples · 02-21-2009, 01:39 PM

Would someone please explain purchase money loans to me? Wikepedia says that these loans are ones that you don't take thru the bank but thru your seller?? That sounds pretty rare....please help me understand.

Thanks in advance!

Dan Bailey · 02-22-2009, 06:33 AM

greenapples,
A purchase money loan is the loan you took out to buy your home, as opposed to a loan taken to re-finance on a home you already owned.

02-21-2009, 01:39 PM	#1 (permalink)
greenapples Junior Member Join Date: Jan 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Purchase money loans? Would someone please explain purchase money loans to me? Wikepedia says that these loans are ones that you don't take thru the bank but thru your seller?? That sounds pretty rare....please help me understand. Thanks in advance!

02-22-2009, 06:33 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Purchase money loans? greenapples, A purchase money loan is the loan you took out to buy your home, as opposed to a loan taken to re-finance on a home you already owned. __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode