How do I know how much home I can afford?

The best first step is a pre-approval, which gives you a precise purchase price based on your income, debts, credit, and down payment. A general rule of thumb: your monthly housing costs should be no more than 28–36% of your gross monthly income.

What's the difference between pre-qualification and pre-approval?

A pre-qualification is an estimate based on self-reported information. A pre-approval involves verifying income, credit, and assets, and it carries much more weight with sellers. We recommend getting a full pre-approval before making offers.

How long does the purchase loan process take?

A standard purchase loan typically closes in 21–30 days with a complete application and responsive documentation. Complex transactions or appraisal delays may take longer. We'll keep you informed every step of the way.

What costs should I expect at closing?

Closing costs typically range from 2–5% of the purchase price and include lender fees, title insurance, escrow, prepaid taxes and insurance, and other third-party costs. We'll provide a Loan Estimate within 3 business days of your application showing all expected costs.

Purchase Loan | MtgPro.ai

Purchase Loan

Get pre-approved for your next home

Whether this is your first home or your fifth, a purchase loan gets you across the finish line. Take the quiz, then continue to the full application and fill it out thoroughly, so we can get you the most accurate pre-approval and the highest qualification.

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Reviewed personally by Arran Amorozo · NMLS #1491497 · West Capital Lending

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Key Advantages

Why Choose a Purchase?

Here's what sets this loan product apart and who it works best for.

Low Down Payment Options

As little as 3% down on conventional loans, and 0% down for eligible VA borrowers.

Fast Pre-Approval

Get a same-day pre-approval letter to strengthen your offer in any market.

All Loan Types Available

Conventional, FHA, VA, jumbo. Find the right fit for your credit profile and goals.

Expert Guidance

Over 2,000 loans funded. We'll walk you through every step of the purchase process.

Calculator

Purchase Calculator

Estimate your monthly payment for a home purchase.

Home Price$500K

$100K$2.0M

Down Payment10%

3%25%

Interest Rate

Enter the rate you want to model. We don’t advertise rates; your pricing is quoted individually.

Loan Term

Enter an interest rate above to see your results.

Calculator results are estimates only and do not constitute a loan offer, pre-approval, or commitment to lend. Actual terms may vary.

Eligibility

Qualification Requirements

General guidelines for Purchase Loan eligibility. Requirements vary by lender and scenario.

Requirement	Guideline
Down Payment	As little as 3% conventional, 3.5% FHA, 0% VA
Minimum Credit Score	580+ FHA, 680+ conventional
Pre-Approval	Same-day pre-approval letter available
Property Type	Primary residence, second home, or investment

These are general guidelines only. Specific program requirements may vary. Contact us for a personalized review of your scenario.

FAQ

Frequently Asked Questions

Common questions about Purchase Loan loans.

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Ready to explore Purchase Loan?

Answer a few quick questions and get a personalized strategy recommendation, including whether Purchase is right for your situation.

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West Capital Lending, Inc. is an Equal Housing Lender. We do not discriminate on the basis of race, color, religion, national origin, sex, handicap, or familial status.

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Related Loan Products

Explore other products that may complement your strategy.

Conventional Loan

680+ credit. Up to 80% LTV cash out, 95% LTV rate and term

Conventional loans conform to Fannie Mae and Freddie Mac guidelines and cover most purchase scenarios, with loan limits up to $766,550 (and higher in high-cost areas).

Learn more

FHA Loan

580+ credit. Up to 80% LTV cash out, 97.5% LTV rate and term

FHA loans are insured by the Federal Housing Administration and designed for borrowers with lower credit scores or limited down payments. A popular choice for first-time homebuyers.

Learn more

VA Loan

Veterans and active duty: 0% down, no PMI, up to 100% LTV

VA loans are one of the most powerful mortgage benefits available to eligible veterans, active-duty service members, and surviving spouses. No down payment and no PMI.

Learn more