Purchase Loans

What Is a Purchase Loan?

 Purchase Home Loans
Your Homeownership Journey Starts Here
Buying a home is one of life's biggest financial decisions — and choosing the right mortgage can make all the difference.
At MGB Financial, we help first-time homebuyers, repeat buyers, move-up buyers, veterans, self-employed borrowers, investors, and families relocating to California find financing options that fit their individual needs.
With 25+ years of mortgage experience, we're here to guide you from your initial pre-qualification through closing.
Conventional • FHA • VA • Jumbo • Down Payment Assistance • Bank Statement • Non-QM • Investor Loans
GET PRE-QUALIFIED TODAY
 
What Is a Purchase Loan?
A Purchase Loan is a mortgage used to finance the purchase of a home or other eligible property.
Instead of paying the entire purchase price in cash, you finance a portion of the cost through a mortgage and repay the loan over an agreed period of time.
Your mortgage payment may include:

• Principal
• Interest
• Property taxes
• Homeowners insurance
• Mortgage insurance, when applicable
• HOA dues may be considered separately when determining qualification

The right mortgage depends on your income, credit, assets, down payment, property type, occupancy, and long-term financial goals.
 
Start Before You Start Shopping
Complete Our Purchase Questionnaire
Planning to buy a home?
Start by completing our Purchase Questionnaire so we can learn more about your income, employment, assets, credit, down payment, and homebuying goals.
FILL OUT THE PURCHASE QUESTIONNAIRE
Once we understand your financial situation, we can help identify potential mortgage programs and discuss your next steps.
 
Find the Right Home Loan for You
There isn't one mortgage that's right for every homebuyer.
MGB Financial offers access to multiple loan programs so we can help you compare your available options.
 
Conventional Loans
Flexible Financing for Qualified Homebuyers
Conventional loans are mortgages that are not insured or guaranteed by a federal government agency.
They can be a strong option for borrowers with established credit, stable qualifying income, and sufficient funds for the required down payment and closing costs.
 
Conventional Loan Benefits May Include:

• Low down payment options for qualified borrowers
• Fixed and adjustable-rate options, when available
• Financing for primary residences, second homes, and investment properties, subject to program guidelines
• Mortgage insurance may eventually be removable when applicable requirements are satisfied
• Multiple loan-term options

You do not necessarily need 20% down to purchase a home with conventional financing.
ASK ABOUT CONVENTIONAL LOANS
 
FHA Loans
Flexible Qualification with a Low Down Payment
FHA loans are insured by the Federal Housing Administration and can provide an accessible path to homeownership for qualified buyers.
 
FHA Highlights:

• Down payments as low as 3.5% for qualified borrowers
• Flexible credit guidelines
• Gift funds may be permitted
• Eligible down payment assistance may be available
• Available to first-time and repeat homebuyers
• 1–4 unit properties may qualify when applicable FHA occupancy and property requirements are met

FHA financing requires mortgage insurance.
EXPLORE FHA LOAN OPTIONS VA Home Loans
A Powerful Homebuying Benefit for Eligible Veterans and Service Members
VA loans are backed by the U.S. Department of Veterans Affairs and are available to eligible veterans, active-duty service members, and certain surviving spouses.
VA Loan Benefits May Include:

• No down payment required in eligible circumstances
• No monthly private mortgage insurance (PMI)
• Competitive financing
• Flexible qualification guidelines
• Purchase and refinance options
• Seller concessions may be permitted subject to VA requirements

A VA funding fee may apply unless the borrower qualifies for an exemption.
ASK ABOUT VA HOME LOANS
 
Jumbo Home Loans
Financing for Higher-Priced Homes
Purchasing a home above applicable conforming loan limits?
 
A Jumbo Loan may provide the additional financing you need.
Jumbo loans are designed for mortgage amounts exceeding applicable conforming loan limits and may have different credit, income, asset, reserve, and down payment requirements.
Jumbo Financing May Be Ideal For:

• Higher-priced California homes
• Luxury properties
• High-income borrowers
• Buyers with substantial assets
• Move-up buyers

EXPLORE JUMBO FINANCING
 
USDA Home Loans
Zero-Down Financing for Eligible Properties and Borrowers
USDA loans are government-backed mortgages designed to promote homeownership in eligible rural and certain suburban communities.
Qualified borrowers may be eligible for:

• No down payment
• Competitive financing
• Flexible credit guidelines
• Primary residence financing

Property location and household income limits apply.
Program availability may vary.
 
Down Payment Assistance
Don't Let the Down Payment Stop You
One of the biggest concerns for homebuyers is:
"How much money do I need to buy a home?"
The answer may be less than you think.
Qualified homebuyers may have access to Down Payment Assistance (DPA) programs that can help with eligible down payment and/or closing costs.
Programs may vary based on:

• Income
• Property location
• Occupancy
• Credit
• First-time buyer status
• Loan program
• Other eligibility requirements

CHECK DOWN PAYMENT ASSISTANCE OPTIONS
 
Self-Employed? We Have Options.
Your Tax Returns Don't Always Tell Your Entire Financial Story
If you're self-employed or own a business, traditional mortgage qualification may not always reflect your actual financial situation.
MGB Financial can help explore alternative financing programs that may include:

• Bank Statement Loans
• No Tax Return Programs
• 1099 Programs
• Profit & Loss Programs
• Asset-Based Qualification
• Non-QM Loans
• Alternative-documentation programs are subject to individual lender and underwriting requirements.
• ASK ABOUT SELF-EMPLOYED LOAN PROGRAMS

 
Buying an Investment Property?
MGB Financial also offers financing options for qualified real estate investors.
Programs may include:

• Conventional investment property loans
• DSCR loans
• Rental property financing
• 1–4 unit investment properties
• Cash-out refinance
• Portfolio expansion financing

EXPLORE INVESTOR LOANS
 
The Home Purchase Process
1. Pre-Qualification
We begin by learning about your income, credit, assets, down payment, debts, and homebuying goals.
This gives you an initial understanding of potential financing options.
2. Mortgage Pre-Approval
When you're ready to move forward, we'll review the required financial documentation and credit information to determine whether you may qualify for a mortgage pre-approval.
A pre-approval can help demonstrate to sellers that you're a serious buyer.
3. Find Your Home
Work with your real estate professional to find a property that meets your needs and financing range.
4. Make an Offer
Once you find the right property, your real estate agent can help prepare and negotiate your purchase offer.
5. Complete Your Loan Application
After your offer is accepted, the mortgage process moves forward with the property information and required borrower documentation.
6. Processing & Underwriting
Our team works to assemble and review the loan file.
The lender's underwriter evaluates the loan based on applicable program requirements.
Additional documents or explanations may be requested during this process.
7. Appraisal
When required, an independent appraisal helps determine the property's value for mortgage lending purposes.
A home inspection is separate from an appraisal and may help the buyer identify potential property-condition concerns.
8. Final Loan Approval
Once applicable underwriting conditions have been satisfied, the loan can proceed toward final approval and closing.
9. Closing
You'll review and sign the required documents and complete applicable closing requirements.
Then comes the moment you've been waiting for:
Welcome Home!
 
First-Time Homebuyer?

• How much can I afford?
• How much down payment do I need?
• Which loan program is best for me?
• What credit score do I need?
• Can I receive gift funds?
• Is down payment assistance available?
• What will my monthly payment be?
• That's where we come in.
• We'll help you understand your financing options before you make one of the biggest financial decisions of your life.

 
Why Pre-Qualify with MGB Financial?
Know Your Buying Power
Understand your potential homebuying range before you start seriously shopping.
Compare Multiple Loan Programs
Instead of assuming one mortgage is right for everyone, we'll help you explore available programs based on your circumstances.
Shop with Confidence
Having your financing reviewed before making an offer can help you prepare for the homebuying process.
Experienced Mortgage Guidance
With 25+ years of mortgage experience, MGB Financial understands that every borrower's financial situation is different.
Clear Communication
We'll help explain the mortgage process, documentation requirements, and next steps so you know what to expect.
 
How Much Home Can You Afford?
Your potential buying power depends on more than your income.
Mortgage qualification may consider:
Income + Credit + Monthly Debts + Down Payment + Assets + Interest Rate + Property Taxes + Insurance + HOA + Loan Program
Instead of guessing, let us review your situation.
FIND OUT WHAT YOU MAY QUALIFY FOR
 
Ready to Buy a Home?
Take the First Step Today
Whether you're buying your first home, next home, luxury home, investment property, or relocating to California, MGB Financial is ready to help you explore your financing options.
START YOUR PRE-QUALIFICATION APPLICATION
or
COMPLETE THE PURCHASE QUESTIONNAIRE
 
Need Help?
Have questions about buying or financing a home?
Call MGB Financial: 562-809-2643
Email: Loan@MGBFinancial.com
Website: www.MGBFinancial.com
 
MGB Financial Services, Inc
25+ Years of Mortgage Experience
Purchase • FHA • VA • Conventional • Jumbo • Down Payment Assistance • Non-QM • Bank Statements • Investor Loans
More Programs. More Options. A Better Path to Homeownership.
 
GET PRE-QUALIFIED TODAY
Loan programs, rates, terms, down payment requirements, credit requirements, documentation requirements, loan limits, property eligibility, and underwriting guidelines vary by lender and program and are subject to change. Pre-qualification and pre-approval are not commitments to lend. All loans are subject to applicable underwriting requirements and final approval. This information is provided for general informational purposes only.