Get Started on Your Madison Home Loan Journey
A home isn't a one size fits all kind of thing. Neither are home loans in Madison. Securing the correct fit for your needs takes some shopping around! Mr. Cooper can help! Our mission is to transform the homeownership journey into an enjoyable one, starting with the loan process. We encourage you to read on for introductory information about finding a home loan, but also call a Mr. Cooper mortgage professional for any questions you may have.
As you begin searching for home loans, double 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 advocate for your best rate with a lender. Your credit score, financial situation, and the timeline you wish 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?
Different Types of Home Loans in Madison, IN
There are several different types of home loans available to Madison home buyers: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loan may be the perfect option 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 are both types of government loans. Credit and income requirements are often laid-back 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 loan officer can help you get to know your options and what comes next, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Madison, IN
Get a Verified Approval Letter from your lender before you begin looking for houses in Madison to show that you really do intend to buy. A Verified Approval Letter is proof that your finances have been reviewed by the lender, and you have 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 potential loan options, credit score, and your Verified Approval letter. Now is a great time for buying a home in Madison. What are you waiting for? Get started with the help you need!
- 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.