Get Started on Your Meridian Home Loan Journey
Homes aren't one size fits all structures. The same can be said for home loans in Idaho. Securing the correct fit for your needs may require some comparison shopping! 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 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 start looking for loans, check your credit and try your best to improve your score. A low credit score might mean you end up with a higher interest rate on your home loan. On the other hand, a strong credit score can help you negotiate your best rate with a potential lender. Your credit strength, finances, and and the timeline you're looking to move can all impact the loan type that aligns with your goals. So, what options are out there for you?
Different Types of Home Loans in Meridian, ID
Meridian 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 could be a great route 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 classified as government loans. Credit and income requirements are usually a little more different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A trained loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Begin in Meridian, ID with a Preapproval Letter
Talk to your lender about a Verified Approval Letter. Get one before you start shopping for homes in Meridian to indicate that you really do intend to buy. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. It can also speed up seller’s you’re serious about the home they’re selling. Give us a call 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 Meridian. What are you waiting for? Call now to get the super-smart help you want!
- 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.