Home Purpose

"Home Purpose" refers to what a home is used for - a primary residence, second home, or investment property. 

A Primary Residence is a property that you spend the majority of the year in, or that you state on your tax return as your residence.  Lenders offer the best rates, terms and lending criteria to people buying a property as their primary residence because statistics show that those are the least likely property to go into foreclosure, so they represent the least amount of risk to the lender.  A primary residence can be purchased with a conventional loan, an FHA loan, a VA loan, a jumbo loan, a USDA loan, and a purchase-money second lien. 


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