The church purchase loan is a type of church financing that can be used for church purchases. This option is available to the church and pastors, and other members of the church as well. If you consider this type of loan, here’s what you need to know to get approved!
First off, who is eligible? The answer: anyone associated with the church as an employee or member. Furthermore, if the church has employed someone for at least one year (or served on a governing board), they may qualify.
Next up – how do I apply? It’s pretty easy! Fill out an application form and submit it with your financial information, which the church will then review.
Lastly, what are some benefits of church purchase loans? Church property may be purchased with an interest rate lower than conventional financing and has no monthly payment or downpayment requirements.
This type of loan also reduces the risk for both parties – lenders will have a higher chance of getting their money back because church members cannot just up and leave church property.
