Finding Your Fit, Finding Your San Diego Home Loan
A home isn't a one size fits all kind of thing. The same can be said for home loans in California. Finding the right fit for you takes some shopping around! 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 general information about selecting a mortgage loan, but also call a Mr. Cooper professional with any mortgage questions you might have.
As you begin searching for home loans, double check your credit and try your best to improve your score. A less-than-stellar credit score might mean you end up with a higher interest rate on your home loan. On the other hand, a high credit score can help you negotiate your best rate with a potential lender. Your credit history, financial state, and the timeframe you're looking to move can all influence the type of home loan that fits your needs. So, what's out there to choose from?
Different Types of Home Loans in San Diego, CA
There are several different types of home loans available to San Diego home buyers: 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 your credit is healthy, your income and employment history are stable, and you're ready to make a down payment of as little as 3% depending on your situation.
FHA loans and VA loans are both types of government loans. Credit and salary/wage requirements are often different criteria than conventional loans. And if you're a veteran, active-duty service member or surviving spouse, you may be eligible to apply for a VA new home loan. How do you know which home loan is the best for you? A professional Mr. Cooper loan officer can help you understand your options and next steps, depending on your position in the process.
Start with a Preapproval Letter in San Diego, CA
Secure a Verified Approval Letter from the lender before you begin looking for houses in San Diego 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. Contact a Mr. Cooper mortgage professional today to chat about everything from your Verified Approval letter to your credit and loan options. It could be the perfect season for you to buy a new house in San Diego. 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.