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Find the Newport News, VA Home Loan That's Best for You

Ready to buy a house in Newport News but stumped on where to start? Start with Mr. Cooper and a little help finding the right home loan for you.

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Finding Your Fit, Finding Your Newport News Home Loan

A home isn't a one size fits all kind of thing. The same can be said for home loans in Virginia. Getting the best 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 mortgage loan process. We encourage you to read on for general information about finding a home loan, but also contact a Mr. Cooper mortgage expert with questions about your situation.

As you start looking for loans, check your credit and try your best to improve your score. A low credit score may mean you are presented with a higher interest rate on your loan. On the flip side, a higher credit rating can help you advocate for your best rate with a lender. Your credit history, financial state, and the timing in which you're looking to move can all impact the loan type that aligns with your goals. So, what loans can you pick from?

Different Types of Home Loans in Newport News, VA

There are several different types of home loans available to Newport News home buyers: conventional loans, FHA loans, FHA streamline loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), and high balance conforming loans. A conventional loan could be a great route for you if your credit is healthy, your income and employment history are stable, and you're ready to make a down payment of as little as 3% depending on your situation.

FHA loans 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. How do you know which home loan is the best for you? A trained loan officer can help you get to know your options and what comes next, depending on where you are on your journey.

Start with a Preapproval Letter in Newport News, VA

Secure a Verified Approval Letter from the lender before you begin looking for houses in Newport News to demonstrate 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. It can also show seller’s you’re serious about the home they’re selling. Give us a call today to chat about everything from your credit, possible loan options and your Verified Approval letter. Now could be the perfect time for you to buy a house in Newport News. Get started with the help you need!

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