On Your Way Toward a New Home Loan in Tampa, FL
Houses aren't one size fits all. Tampa home loans aren’t either. Securing the correct fit for your needs takes some shopping around! Mr. Cooper can help! Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We hope you'll keep reading for basic information about selecting a mortgage loan, but also call a Mr. Cooper mortgage professional for any questions you may have.
Check your credit before you start applying for loans and try your best to improve your score. A poor credit rating could mean you'll have a higher interest rate on your mortgage loan. On the flip side, a higher credit rating can help you secure a better rate with your potential lender. Your credit strength, financial situation, and the timeframe you'd like to make your move can all impact the type of home loan that fits your needs. So, what loans can you pick from?
What Types of Loans Are There in Tampa, FL?
Tampa 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 loans might be a good choice 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 are both types of government loans. Credit and salary/wage requirements are often different 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 trained loan officer can help you compare loans and plan your next steps, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Tampa, FL
Get a Verified Approval Letter from your lender before you start shopping for homes in Tampa to show 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. The letter can also carry more weight to sellers you can afford the home they’re selling. Give us a call now to talk about all things loan-related! We'll walk through everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Tampa. 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.