Get Started on Your Petaluma Home Loan Journey
A home isn't a one size fits all kind of thing. Neither are home loans in Petaluma. Securing the correct fit for your needs takes some shopping around! That’s where Mr. Cooper can help. Our goal is to keep the dream of homeownership alive starting with the mortgage loan process. We encourage you to continue reading for basic information about selecting a mortgage loan, but also reach out to Mr. Cooper professional with any mortgage questions you might have.
As you start looking for loans, check your credit and work to get it in tip-top shape. A not-so-great credit score may mean you are presented with a higher interest rate on your loan. On the flip side, a strong credit score can help you secure a better rate with your potential lender. Your credit strength, financial situation, and the timeframe you're looking to move can all impact the type of loan that matches your needs. So, what options are out there for you?
What Types of Loans Are There in Petaluma, CA?
Petaluma home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). A conventional loans might be a good choice 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 fall into the government loan category. Credit and salary/wage requirements are usually a little more different 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 loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Begin in Petaluma, CA with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Petaluma to indicate that you've done your due diligence. 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 with the real estate agent and seller because they’re know you can afford the home. Call the mortgage team at Mr. Cooper today to chat about everything from your potential loan options, credit score, and your Verified Approval letter. Now is a great time for buying a home in Petaluma. 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.