General Purchase Transaction Eligibility Requirements
A purchase money transaction is one in which the proceeds are used to finance the acquisition of a property or to finance the acquisition and rehabilitation of a property. The table below provides the general requirements for purchase money mortgage transactions. Certain mortgage loans and products may have different eligibility requirements for purchase mortgage transactions. If applicable, the differences will be stated in the specific mortgage loan or product topic section.
|The minimum borrower contribution requirements for the selected mortgage loan type must be met.|
|Proceeds from the transaction must be used to
|Proceeds from the transaction may not be used to give the borrower cash back other than the following:
For additional information, see B2-1.3-01, Purchase Transactions