On Your Way Toward a New Home Loan in Sterling, VA
Houses aren't one size fits all. The same can be said for home loans in Virginia. Finding the right fit for you requires some loan-to-loan comparisons! That's where Mr. Cooper comes in. Our goal is to transform the homeownership journey into an enjoyable one, starting with the loan process. We encourage you to read on for general information about selecting a mortgage 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 work to get it in tip-top shape. A less-than-stellar credit score 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 strength, financial situation, and the timing in which you wish to make your move can all impact the type of home loan that fits your needs. So, what loans can you pick from?
Different Types of Home Loans in Sterling, VA
Sterling home buyers have more than one type of home loan to choose from. There are: 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.
FHA loans and VA loans are both classified as government loans. Credit and income 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 home loan is right for you? A trained loan officer can help you understand your options and next steps, depending on your stage in the journey.
Begin in Sterling, VA with a Preapproval Letter
Get a Verified Approval Letter from your lender before you start shopping for homes in Sterling to demonstrate that you're a serious buyer. 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. Give us a call now to talk about all things loan-related! We'll walk through 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 Sterling. Get started with the help you need!
- 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.