Get Started on Your Lake Ridge Home Loan Journey
Houses aren't one size fits all. The same can be said for home loans in Virginia. Getting the best fit for you takes some shopping around! 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 hope you'll keep reading for general information about selecting a mortgage loan, but also call a Mr. Cooper mortgage professional for any questions you may have.
Check your credit before you start applying for loans and try your best to get it in tip-top shape. A less-than-stellar credit score could mean you are presented with a higher interest rate on your loan. On the flip side, a higher credit rating can help you secure a better rate with your potential lender. Your credit strength, financial state, and the timeframe you wish to make your move can all influence the loan type that aligns with your goals. So, what options are out there for you?
What Types of Loans Are There in Lake Ridge, VA?
Lake Ridge 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.
VA and FHA loans are both classified as government loans. Credit and salary/wage requirements tend to have 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 one of these home loans is a good fit for you? A professional loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Begin in Lake Ridge, VA with a Preapproval Letter
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Lake Ridge 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 Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Lake Ridge. What are you waiting for? 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.