Getting the Home Loan in Newington, VA That's Best for You
A home isn't a one size fits all kind of thing. Neither are home loans in Newington. Getting the best fit for you takes some shopping around! That’s where Mr. Cooper can help. Our goal is to keep the dream of homeownership alive starting with the mortgage loan process. We encourage you to continue reading for introductory information about selecting a mortgage loan, but also reach out to 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 are presented with a higher interest rate on your loan. On the other hand, a strong credit score can help you advocate for your best rate with a lender. Your credit score, finances, and and the timeframe you'd like to make your move can all influence the type of loan that matches your needs. So, what's out there to choose from?
Different Types of Home Loans in Newington, VA
You may have options when it comes to Newington home loans: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loans might be a good choice 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 and FHA loans are both classified as government loans. Income and credit 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 one of these home loans is a good fit 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 Newington, VA
Secure a Verified Approval Letter from the lender before you begin looking for houses in Newington to indicate that you really do intend to buy. A Verified Approval Letter shows that your lender has looked at all of your finances and communicated about how much you can buy. The letter can also carry more weight seller’s you’re serious about the home they’re selling. Call the mortgage team at Mr. Cooper today to chat about everything from your Verified Approval letter to your credit and loan options. Now could be the perfect time for you to buy a house in Newington. 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.