On Your Way Toward a New Home Loan in Cave Spring, VA
Homes aren't one size fits all structures. The same can be said for home loans in Virginia. Getting the best fit for you may require some comparison shopping! Mr. Cooper can help! Our goal is to keep the dream of homeownership alive starting with the loan process. We encourage you to continue reading for introductory information about finding a home loan, but also reach out to Mr. Cooper mortgage expert with questions about your situation.
As you begin searching for home loans, double check your credit and try your best to get it in tip-top shape. A less-than-stellar credit score may mean you'll have a higher interest rate on your mortgage loan. On the other hand, a high credit score can help you advocate for your best rate with a lender. Your credit strength, financial state, and the timeline you wish to make your move can all affect the type of loan that matches your needs. So, what loans can you pick from?
What Home Loan Options Do I Have in Cave Spring, VA?
Cave Spring 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 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 are both classified as government loans. Credit and income requirements are usually a little more different criteria 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 get to know your options and what comes next, depending on your stage in the journey.
Start with a Preapproval Letter in Cave Spring, VA
Get a Verified Approval Letter from your lender before you start shopping for homes in Cave Spring to demonstrate that you've done your due diligence. 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 with the real estate agent and seller because they’re know you can afford the home. Call the mortgage team at Mr. Cooper 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 Cave Spring. See how we can help you navigate your next home-buying experience!
- 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.