Get Started on Your Detroit Home Loan Journey
Homes aren't one size fits all structures. Neither are home loans in Detroit. Getting the best fit for you may require some comparison shopping! Mr. Cooper can help! Our goal is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We encourage you to read on for routine information about finding a home loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
As you start looking for loans, check your credit and work to get it in tip-top shape. A low credit score might mean you'll have a higher interest rate on your mortgage loan. On the other hand, a higher credit rating can help you negotiate your best rate with a potential lender. Your credit history, financial state, and the timeline you wish to make your move can all impact the type of loan that matches your needs. So, what loans can you pick from?
What Types of Loans Are There in Detroit, MI?
Detroit home buyers have more than one type of home loan to choose from. There are: conventional loans, FHA streamline loans, FHA loans, high balance conforming loans, VA loans, and VA Interest Rate Reduction Loans (VA IRRRL). A conventional loan could be a great route 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.
VA loans and FHA loans are both types of government loans. Income and credit requirements are usually a little more 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 understand your options and next steps, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Detroit, MI
Secure a Verified Approval Letter from the lender before you start shopping for homes in Detroit to demonstrate that you're a serious buyer. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. The letter can also carry more weight with the real estate agent and seller because they know you can afford the home. Give us a call today to chat about everything from your Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Detroit. 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.