A purchase money loan is a loan used to buy a home. In some ways, it is easier to interpret what a purchase money loan is not. It is not a loan that is taken out after you buy a home such as a home equity line of credit or a home equity loan. It is not a refinance mortgage. A purchase money loan is indicated by the trust deed or mortgage a home buyer signs at the time the home buyer purchases the home.
Proof of individual’s identity (We also require same KYC of co-applicant)