Getting the Home Loan in Sioux Falls, SD That's Best for You
Houses aren't one size fits all. Neither are home loans in Sioux Falls. Getting the best fit for you may require some comparison shopping! That's where Mr. Cooper comes in. Our mission is to keep the dream of homeownership alive beginning with the mortgage loan process. We encourage you to read on for basic information about finding a home loan, but also call a Mr. Cooper professional with any mortgage questions you might have.
As you begin searching for home loans, double check your credit and work to get it in tip-top shape. A low credit score could mean you'll have a higher interest rate on your mortgage loan. On the other hand, 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'd like to make your move can all influence the type of loan that matches your needs. So, what options are out there for you?
What Types of Loans Are There in Sioux Falls, SD?
There are several different types of home loans available to Sioux Falls home buyers: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loan may be the perfect option for you if your income and employment history are stable, your credit is healthy, and you're going to make a down payment of at least 3% depending on your situation.
VA and FHA loans are both types of government loans. Credit and salary/wage requirements tend to have different criteria than conventional loans. And if you're a veteran, active-duty service member or surviving spouse, you may be eligible to apply for a VA new home loan. Which home loan is right for you? A professional loan officer can help you compare loans and plan your next steps, depending on where you are on your journey.
Start with a Preapproval Letter in Sioux Falls, SD
Get a Verified Approval Letter from your lender before you start going to Open Houses in Sioux Falls to demonstrate that you really do intend to buy. 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 speed up seller’s you’re serious about the home they’re selling. Contact a Mr. Cooper mortgage professional today to discuss 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 Sioux Falls. Call now to get the super-smart help you want!
- 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.