On Your Way Toward a New Home Loan in Portsmouth, VA
Homes aren't one size fits all structures. Portsmouth home loans aren’t either. Finding the right fit for you takes some shopping around! Mr. Cooper can help! Our goal is to keep the dream of homeownership alive beginning with the mortgage loan process. We encourage you to continue reading for routine details about picking your Portsmouth home 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 work to get it in tip-top shape. A not-so-great credit score could mean you end up with a higher interest rate on your home loan. On the flip side, a strong credit score can help you secure a better rate with your potential lender. Your credit score, finances, and and the timing in which you're looking to move can all affect the loan type that aligns with your goals. So, what's out there to choose from?
What Types of Loans Are There in Portsmouth, VA?
You may have options when it comes to Portsmouth home loans: conventional loans, VA loans, VA Interest Rate Reduction Loans (VA IRRRL), VA loans, FHA loans, and FHA streamline loans. A conventional loan may be the perfect option 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 and VA loans are both types of government loans. Credit and salary/wage requirements are usually a little more different criteria 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. How do you know which home loan is the best for you? A loan officer can help you understand your options and next steps, depending on your position in the process.
Get a Preapproval Letter Before You Shop in Portsmouth, VA
Talk to your lender about a Verified Approval Letter. Get one before you start going to Open Houses in Portsmouth to demonstrate that you're serious about buying a home. 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 to sellers you can afford the home they’re selling. Give us a call now to talk about all things loan-related! We'll walk through everything from your Verified Approval letter to your credit and loan options. Now is a great time for buying a home in Portsmouth. 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.