Finding Your Fit, Finding Your Merced Home Loan
A home isn't a one size fits all kind of thing. Neither are home loans in Merced. Getting the best fit for you requires some loan-to-loan comparisons! That's where Mr. Cooper comes in. Our aim is to keep the dream of homeownership alive starting with the loan process. We encourage you to read on for introductory information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage expert with questions about your situation.
As you begin searching for home loans, double check your credit and work to get it in tip-top shape. A low credit score may mean you end up with a higher interest rate on your home loan. On the flip side, a high credit score can help you advocate for your best rate with a lender. Your credit score, financial situation, and the timeline you're looking to move can all be a factor in the type of home loan that fits your needs. So, what's out there to choose from?
What Home Loan Options Do I Have in Merced, CA?
Merced home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loan may be the perfect option for you if you're ready to make a down payment of at least 3% (depending on your situation), your credit is healthy, and your income and employment history are stable.
FHA and VA loans are both types of government loans. Income and credit requirements are usually a little more different criteria than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A trained loan officer can help you get to know your options and what comes next, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Merced, CA
Talk to your lender about a Verified Approval Letter. Get one before you start going to Open Houses in Merced to indicate that you're a serious buyer. A Verified Approval Letter is evidence that the lender has reviewed your finances and has given you an estimate of how much you can buy. It can also show to sellers you can afford 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. Now is a great time for buying a home in Merced. What are you waiting for? 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.