On Your Way Toward a New Home Loan in Indianapolis, IN
A home isn't a one size fits all kind of thing. Indianapolis home loans aren’t either. Securing the correct fit for your needs may require some comparison shopping! Mr. Cooper can help! Our goal is to keep the dream of homeownership alive starting with the loan process. We encourage you to continue reading for introductory information about finding a home loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.
As you start looking for loans, check your credit and try your best to improve your score. A low credit score could mean you'll have a higher interest rate on your mortgage loan. On the other hand, a strong credit score can help you secure a better rate with your potential lender. Your credit strength, finances, and and the timeframe you'd like to make your move can all be a factor in the loan type that aligns with your goals. So, what loans can you pick from?
What Types of Loans Are There in Indianapolis, IN?
Indianapolis 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 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 loans and FHA loans are both classified as government loans. Credit and income requirements tend to have 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. Which one of these home loans is a good fit for you? A professional loan officer can help you get to know your options and what comes next, depending on where you are on your journey.
Start with a Preapproval Letter in Indianapolis, IN
Secure a Verified Approval Letter from the lender before you start shopping for homes in Indianapolis to demonstrate 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 seller’s you’re serious about the home they’re selling. Give us a call now to talk about all things loan-related! We'll walk through everything from your potential loan options, credit score, and your Verified Approval letter. Now could be the perfect time for you to buy a house in Indianapolis. 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.