Finding Your Fit, Finding Your Abingdon Home Loan
Homes aren't one size fits all structures. Neither are home loans in Abingdon. Securing the correct fit for your needs takes some shopping around! That’s where Mr. Cooper can help. Our goal 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 finding a home loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
As you start looking for loans, check your credit and try your best to improve your score. A poor credit rating 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, financial situation, and the timeframe you're looking to move can all affect the type of loan that matches your needs. So, what options are out there for you?
What Types of Loans Are There in Abingdon, VA?
Abingdon 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 could be a great route 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.
FHA and VA loans fall into the government loan category. Credit and salary/wage requirements tend to have 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 understand your options and next steps, depending on your stage in the journey.
Start with a Preapproval Letter in Abingdon, VA
Secure a Verified Approval Letter from the lender before you start shopping for homes in Abingdon to indicate that you really do intend to buy. 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. It can also show to sellers you can afford 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 Abingdon. 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.