Get Started on Your Farmington Home Loan Journey
A home isn't a one size fits all kind of thing. The same can be said for home loans in Michigan. Finding the right fit for you requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our mission is to keep the dream of homeownership alive starting with the loan process. We encourage you to read on for routine information about finding a home loan, but also call a Mr. Cooper mortgage expert with questions about your situation.
As you begin searching for home loans, double check your credit and try your best to get it in tip-top shape. A less-than-stellar credit score may mean you are presented with a higher interest rate on your loan. On the other hand, a higher credit rating 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 type of home loan that fits your needs. So, what loans can you pick from?
What Home Loan Options Do I Have in Farmington, MI?
You may have options when it comes to Farmington home loans: 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 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.
FHA and VA loans are both classified as government loans. Credit and salary/wage requirements are often 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 loan officer can help you compare loans and plan your next steps, depending on where you are on your journey.
Start with a Preapproval Letter in Farmington, MI
Secure a Verified Approval Letter from the lender before you begin looking for houses in Farmington to demonstrate that you're serious about buying a home. 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. It can also show 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 Verified Approval letter to your credit and loan options. Now could be the perfect time for you to buy a house in Farmington. 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.