Getting the Home Loan in Bon Air, VA That's Best for You
Homes aren't one size fits all structures. Bon Air home loans aren’t either. Finding the right fit for you takes some shopping around! That's where Mr. Cooper comes in. Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the mortgage loan process. We hope you'll keep reading for routine details about picking your Bon Air home loan, but also reach out to Mr. Cooper professional with any mortgage questions you might have.
Check your credit before you start applying for loans and try your best to get it in tip-top shape. A not-so-great credit score may mean you end up with a higher interest rate on your home loan. On the flip side, a strong credit score can help you negotiate your best rate with a potential lender. Your credit score, financial situation, and the timing in which you'd like to make your move can all impact the type of home loan that fits your needs. So, what's out there to choose from?
Different Types of Home Loans in Bon Air, VA
Bon Air 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 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 usually a little more different 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 trained loan officer can help you understand your options and next steps, depending on where you are on your journey.
Get a Preapproval Letter Before You Shop in Bon Air, VA
Secure a Verified Approval Letter from the lender before you start shopping for homes in Bon Air to show that you've done your due diligence. 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 speed up with the real estate agent and seller because they know you can afford the home. Contact a Mr. Cooper mortgage professional today to chat about everything from your credit, possible loan options and your Verified Approval letter. It could be the perfect season for you to buy a new house in Bon Air. 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.