On Your Way Toward a New Home Loan in Pacoima, CA
Homes aren't one size fits all structures. The same can be said for home loans in California. Finding the right fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our mission is to transform the homeownership journey into an enjoyable one, starting with the mortgage loan process. We hope you'll keep reading for basic information about selecting a mortgage 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 low credit score may mean you end up with a higher interest rate on your home loan. On the flip side, a strong credit score can help you advocate for your best rate with a lender. Your credit score, financial situation, and the timing in which you're looking to move can all influence the type of loan that matches your needs. So, what loans can you pick from?
Different Types of Home Loans in Pacoima, CA
Pacoima home buyers have more than one type of home loan to choose from. There are: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline 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.
VA and FHA loans are both types of government loans. Income and credit requirements tend to have 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 professional loan officer can help you compare loans and plan your next steps, depending on where you are on your journey.
Start with a Preapproval Letter in Pacoima, CA
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Pacoima 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 speed up seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now is a great time for buying a home in Pacoima. What are you waiting for? See how we can help you navigate your next home-buying experience!
- 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.