Home Purchase Loan
A home purchase loan is a loan that is used to purchase a primary residence, a secondary residence or an investment property. Here at Legacy we specialize in purchase loans. With our many years of experience we can help you choose the best loan type to fit your needs and financial situation. We have several loan purchase options available, some even with 0% down! One of our experienced loan originators can help you close your purchase loan quickly and efficiently.
What property type are you looking to purchase?
Primary Residence
A primary residence is the dwelling where you usually live, which is typically a house, apartment or condominium. You can only have one primary residence at a time, although you may share that residence with other people, such as your spouse and children. Primary residence loans are by far the most common type of mortgage loan. Most people purchase their main residence and then move on to secondary residences and investment properties. If you are purchasing or refinancing your primary residence you will notice that the loan to value limits are much higher than they are on secondary residence loans and investment properties. Typically the interest rates are also lower. You can purchase a primary residence with a conventional loan, FHA, VA or USDA loan.
Secondary Residence
A secondary residence is a place where a person lives part time or less than the majority of the calendar year. A secondary residence can include a vacation home or a second home. An individual can have more than one secondary residence. Idaho is a wonderful place to purchase a secondary residence, as we have many communities that are sought after year round for vacationing and enjoying the outdoors. The loan to value limits on secondary residence loans are slightly lower that the loan to value limits on primary residence loans, but the interest rates are very comparable. You can purchase a secondary residence with a conventional loan.
Investment Property
An investment property is a real estate property that is purchased with the intention of earning a return on the investment either through rental income, the future resale of the property, or both. Idaho is a great place to own a rental, as they are high in demand but short in availability. Owning a rental can help supplement your monthly income as well as plan for retirement. The interest rates on investment property loans are higher than the interest rates on primary and secondary residences, so when you are calculating your return on investment be sure to take that into consideration. The loan to value limits on these types of loans are also lower than the loan to value limits on primary and secondary residence loans so they require a larger down payment percentage. You can purchase or refinance an investment property with an investment property.
