Finding Your Fit, Finding Your Springfield Home Loan
A home isn't a one size fits all kind of thing. The same can be said for home loans in Virginia. Securing the correct fit for your needs may require some comparison shopping! That’s where Mr. Cooper can help. Our aim is to keep the dream of homeownership alive starting with the loan process. We hope you'll keep reading for introductory information about finding a home loan, but also contact a Mr. Cooper professional with any mortgage questions you might have.
As you start looking for loans, check your credit and try your best to get it in tip-top shape. A poor credit rating might mean you are presented with a higher interest rate on your loan. On the flip side, a strong credit score can help you negotiate your best rate with a potential lender. Your credit history, financial state, and the timeframe you'd like to make your move can all be a factor in the loan type that aligns with your goals. So, what options are out there for you?
Different Types of Home Loans in Springfield, VA
Springfield 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 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.
FHA loans and VA loans are both classified as government loans. Credit and salary/wage requirements tend to have different 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 where you are on your journey.
Get a Preapproval Letter Before You Shop in Springfield, VA
Get a Verified Approval Letter from your lender before you start going to Open Houses in Springfield 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 speed up to sellers you can afford the home they’re selling. Contact a Mr. Cooper mortgage professional today to discuss everything from your credit, possible loan options and your Verified Approval letter. Now is a great time for buying a home in Springfield. What are you waiting for? See how we can help you navigate your next home-buying experience!