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What do you mean by a Puchase Money Loan??

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ravik Joined: 07 Sep 2007 Posts: 22 10.46 Dollars($)	Posted: Tue Nov 27, 2007 8:05 am    Post subject: What do you mean by a Puchase Money Loan?? Like 0 Dislike 0 Please explain this to me in layman terms with an example if possible...i find conflicting explanations on the web Thanks Ravi
Jeanette Community Expert Joined: 19 Oct 2007 Posts: 121 Location: 760 Lynhaven Parkway, suite 140 Virginia Beach, Virginia 36.28 Dollars($)	Posted: Tue Nov 27, 2007 8:54 am    Post subject: Like 0 Dislike 0 Hello Ravik Welcome to Mortgage Fit, A purchase money loan aka as Purchase Money Mortgage or Seller Financing, is when a buyer borrows money from a seller to finance the home being purchased. Sometimes when the a buyer is unable to get a traditional loan from a lender they can resort to Purchase Money Mortgage. Buying the property through seller financing. These home loans have a loan term of 1 or 2 years or they may continue up to 5 years. After seeking a tradtional lender and being denied, that lender should provide you with complete copies of the appraisal or other documents that are helpful in evaluating the property-value. Related Article: www.mortgagefit.com/discuss/nodownpayment-forkatrina.html Thanks, Jean Loan Officer
Taylor Guest	Posted: Mon Dec 03, 2007 12:12 pm    Post subject: Like 0 Dislike 0 A purchase money loan is a loan used to purchase an asset. This type of loan sometimes has priority over other loans that are secured by the same collateral.

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