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Lender
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Requirements

Mr. Cooper follows the conforming loan standards for mortgages certified by Fannie Mae and Freddie Mac and those supported by the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA).

While VA loans (accessible to military veterans, active service members, and their families) occasionally offer no-down-payment choices, all other loan types need a minimum down payment: 3% for conventional loans and 3.5% for FHA loans.

Borrowers with Mr. Cooper typically need a credit score of at least 620 for a conventional loan, 580 in most situations for FHA loans, and 600 for VA loans.

Application details

You can apply for a loan on the company’s website. When you click Apply, you can fill the box with your information. The company will call you during business hours to take your information over the phone. Or, if you are not comfortable with that, you may apply over the phone.

How to apply for a loan

To apply for a mortgage, visit the company’s website and click Apply. Then fill out the box with your personal information and proceed with the registration process. The company’s mortgage professionals will call you during business hours. Or you may apply via phone at 855-375-4001.

FAQ

What credit score do I need to qualify for Mr. Cooper?

Mr. Cooper wants a minimum credit score of 600, which is 20 points lower than the national average. The minimum for FHA borrowers is 580.

Can I get a Mr. Cooper loan if I’m unemployed?

Lenders often refuse unemployment income as loan income. If you have additional income, you may qualify.

Do I need to visit Mr. Cooper in-store?

Mr. Cooper has no in-store departments, and the application procedure is entirely online.

Calculate loan payments at Mr. Cooper

Mr. Cooper calculator will allow you to calculate an approximate payment schedule for the loan

Mr. Cooper calculator
Interest rates are given in accordance with the rates of the Mr. Cooper in Washington, D.C. as of 03.10.2022
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What to focus on before applying for a loan with Mr. Cooper

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Mr. Cooper and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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