On Your Way Toward a New Home Loan in Brandon, MS
A home isn't a one size fits all kind of thing. The same can be said for home loans in Mississippi. Getting the best fit for you takes some shopping around! Mr. Cooper can help! Our mission is to keep the dream of homeownership alive beginning with the mortgage loan process. We encourage you to read on for general information about finding a home loan, but also contact 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 get it in tip-top shape. A less-than-stellar credit score might mean you'll have a higher interest rate on your mortgage loan. On the flip side, a high credit score can help you secure a better rate with your potential lender. Your credit score, financial situation, and the timeline you wish to make your move can all affect the type of home loan that fits your needs. So, what's out there to choose from?
What Home Loan Options Do I Have in Brandon, MS?
Brandon 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 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.
FHA and VA loans are both classified as government loans. Credit and salary/wage requirements tend to have different criteria than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A professional Mr. Cooper loan officer can help you compare loans and plan your next steps, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Brandon, MS
Secure a Verified Approval Letter from the lender before you begin looking for houses in Brandon 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 with the real estate agent and seller because they know you can afford the home. Contact a Mr. Cooper mortgage professional today to chat about everything from your potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Brandon. See how we can help you navigate your next home-buying experience!
- 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.