Get Started on Your Richmond Home Loan Journey
Homes aren't one size fits all structures. 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 comes in. Our mission is to turn the homeownership journey into something that's less difficult and more enjoyable, starting with the mortgage loan process. We hope you'll keep reading for routine information about selecting a mortgage loan, but also reach out to Mr. Cooper mortgage professional for any questions you may have.
As you start looking for loans, check your credit and work to get it in tip-top shape. A less-than-stellar credit score might mean you'll have a higher interest rate on your mortgage loan. On the flip side, a high credit score can help you secure a better rate with your potential lender. Your credit strength, finances, and and the timeframe you'd like 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 Richmond, VA?
You may have options when it comes to Richmond 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 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 loans and VA loans are both types of government loans. Income and credit requirements are often different than conventional loans. Also, active-duty service members, veterans and surviving spouses may be eligible to apply for VA new home loans. Which one of these home loans is a good fit for you? A professional Mr. Cooper loan officer can help you compare loans and plan your next steps, depending on your stage in the journey.
Start with a Preapproval Letter in Richmond, VA
Talk to your lender about a Verified Approval Letter. Get one before you begin looking for houses in Richmond to show that you've done your due diligence. 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 with the real estate agent and seller because they’re know you can afford the home. Give us a call today to discuss 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 Richmond. 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.