Get Started on Your Chester Home Loan Journey
A home isn't a one size fits all kind of thing. Chester home loans aren’t either. Getting the best fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our goal is to keep the dream of homeownership alive starting with the loan process. We encourage you to read on for introductory information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage expert with questions about your situation.
As you start looking for loans, check your credit and work to get it in tip-top shape. A low credit score may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a high credit score can help you advocate for your best rate with a lender. Your credit score, financial state, and the timeframe you're looking to move can all impact the type of home loan that fits your needs. So, what options are out there for you?
What Home Loan Options Do I Have in Chester, PA?
Chester home buyers have more than one type of home loan to choose from. There are: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. 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.
VA loans and FHA loans are both classified as government loans. Income and credit requirements are usually a little more different criteria than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. How do you know which home loan is the best for you? A professional Mr. Cooper loan officer can help you understand your options and next steps, depending on your stage in the journey.
Begin in Chester, PA with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start shopping for homes in Chester to demonstrate that you're a serious buyer. 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 to sellers you can afford the home they’re selling. Call the mortgage team at Mr. Cooper today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Chester. 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.