Get Started on Your Blacksburg Home Loan Journey
A home isn't a one size fits all kind of thing. The same can be said for home loans in Virginia. Finding the right fit for you requires some loan-to-loan comparisons! That’s where Mr. Cooper can help. Our aim is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the loan process. We encourage you to continue reading for routine details about picking your Blacksburg home 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 not-so-great credit score could mean you are presented with a higher interest rate on your loan. On the flip side, a high credit score can help you advocate for your best rate with a lender. Your credit score, finances, and and the timeframe you're looking to move can all affect the loan type that aligns with your goals. So, what loans can you pick from?
What Types of Loans Are There in Blacksburg, VA?
Blacksburg home buyers have more than one type of home loan to choose from. There are: 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 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 types of government loans. Income and credit requirements are often laid-back 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 professional loan officer can help you understand your options and next steps, depending on your stage in the journey.
Get a Preapproval Letter Before You Shop in Blacksburg, VA
Get a Verified Approval Letter from your lender before you start shopping for homes in Blacksburg 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. Contact a Mr. Cooper mortgage professional today to chat about 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 Blacksburg. 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.