Getting the Home Loan in Rapid City, SD That's Best for You
Homes aren't one size fits all structures. Neither are home loans in Rapid City. Securing the correct fit for your needs requires some loan-to-loan comparisons! That's where Mr. Cooper comes in. Our mission is to keep the dream of homeownership alive beginning with the mortgage loan process. We hope you'll keep reading for general information about selecting a mortgage loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.
As you begin searching for home loans, double check your credit and work to get it in tip-top shape. A less-than-stellar credit score might mean you end up with a higher interest rate on your home loan. On the other hand, a high credit score 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 impact the type of loan that matches your needs. So, what's out there to choose from?
What Types of Loans Are There in Rapid City, SD?
There are several different types of home loans available to Rapid City 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 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 loans and VA loans are both types of government loans. Credit and income requirements are often laid-back 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 get to know your options and what comes next, depending on where you are on your journey.
Begin in Rapid City, SD with a Preapproval Letter
Secure a Verified Approval Letter from the lender before you start going to Open Houses in Rapid City to show 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 today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now is a great time for buying a home in Rapid City. What are you waiting for? 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.