Home Loan Purchase
Real estate property which can be financed with a purchase loan
The purchase loan can be used to finance the purchase of nearly all types of real estate, although the exact terms and conditions of the purchase loan are going to vary from lender to lender. There are six major forms of real estate:
.Agricultural .A purchase loan is intended for agricultural real estate of the land is used for any form of farming and some forms of ranching.
. Commercial .Any property designed for business use, including some multi-family units depending on state real estate law, is commercial. The purchase loan is regularly made for the financing of commercial real estate.
.Government .Government land is any land owned, or being sold by, state or federal government. This is the only real estate type which can never be purchased with a purchase loan.
.Industrial .Real estate intended for manufacturing or other industry can sometimes be purchased using a purchase loan.
.Recreational . Recreational real estate includes a range of recreational land including resorts and golf courses. The purchase loan may be used in the financing of recreational real estate.
.Residential .The home purchase loan is designed for financing the purchase of a home or residential real estate. |
