Get Started on Your Farmington Home Loan Journey
Houses aren't one size fits all. The same can be said for home loans in Minnesota. Getting the best fit for you may require some comparison shopping! That’s where Mr. Cooper can help. Our mission is to transform the homeownership journey into an enjoyable one, starting with the mortgage loan process. We encourage you to read on for general details about picking your Farmington home loan, but also call a 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 less-than-stellar credit score could mean you are presented with a higher interest rate on your loan. On the flip side, a strong credit score can help you secure a better rate with your potential lender. Your credit score, finances, and and the timing in which you're looking to move can all be a factor in the type of loan that matches your needs. So, what's out there to choose from?
Different Types of Home Loans in Farmington, MN
Farmington 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 loans might be a good choice 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.
VA and FHA loans fall into the government loan category. Credit and salary/wage requirements are often different than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Start with a Preapproval Letter in Farmington, MN
Talk to your lender about a Verified Approval Letter. Get one before you start shopping for homes in Farmington to show that you really do intend to buy. 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. The letter can also carry more weight seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper 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 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.