Getting the Home Loan in Dothan, AL That's Best for You
Homes aren't one size fits all structures. Dothan home loans aren’t either. Getting the best fit for you takes some shopping around! That’s where Mr. Cooper can help. Our mission is to transform the homeownership journey into an enjoyable one, beginning with the mortgage loan process. We hope you'll keep reading for basic information about finding a home loan, but also contact a Mr. Cooper mortgage professional for any questions you may have.
As you begin searching for home loans, double check your credit and work to get it in tip-top shape. A less-than-stellar credit score may mean you end up with a higher interest rate on your home loan. On the other hand, a higher credit rating can help you negotiate your best rate with a potential lender. Your credit history, financial state, and the timing in which you're looking to move can all be a factor in the type of loan that matches your needs. So, what's out there to choose from?
What Types of Loans Are There in Dothan, AL?
There are several different types of home loans available to Dothan home buyers: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loan could be a great route for you if your income and employment history are stable, your credit is healthy, and you're going to make a down payment of at least 3% depending on your situation.
FHA and VA loans fall into the government loan category. Credit and income requirements tend to have different criteria than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which home loan is right for you? A professional Mr. Cooper loan officer can help you get to know your options and what comes next, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Dothan, AL
Talk to your lender about a Verified Approval Letter. Get one before you start shopping for homes in Dothan to indicate that you're a serious buyer. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. It can also speed up seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper now to talk about all things loan-related! We'll walk through everything from your potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Dothan. Get started with the help you need!
- This is not a commitment to lend. All loans are subject to credit and property approval. This offer is nontransferable and may not be combined with any other mortgage offer. Advertised offer is subject to change. If a personal code is present on the advertised offer, you must provide such code to claim the offer. We may gather information about you including, but not limited to, credit bureau information, information for verification of income, information for appraisal and verification of property being used for collateral. We also verify your identity. Income, assets, and debt must meet eligibility requirements as established by Government and/or Lender guidelines.