Get Started on Your Cleveland Home Loan Journey
A home isn't a one size fits all kind of thing. Neither are home loans in Cleveland. Getting the best fit for you may require some comparison shopping! Mr. Cooper can help! Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, beginning with the mortgage loan process. We encourage you to continue reading for basic information about selecting a mortgage loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
As you begin searching for home loans, double check your credit and try your best to improve your score. A not-so-great 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 negotiate your best rate with a potential lender. Your credit history, finances, and and the timeframe you're looking to move can all affect the loan type that aligns with your goals. So, what's out there to choose from?
What Home Loan Options Do I Have in Cleveland, MS?
There are several different types of home loans available to Cleveland home buyers: 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 fall into the government loan category. Income and credit requirements are usually a little more different than conventional loans. Also, veterans, surviving spouses and active-duty service members may be eligible to apply for VA new home loans. Which home loan is right for you? A loan officer can help you compare loans and plan your next steps, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Cleveland, MS
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Cleveland to demonstrate that you're serious about buying a home. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. It can also speed up 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 potential loan options, credit score, and your Verified Approval letter. It could be the perfect season for you to buy a new house in Cleveland. 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.