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7 New Tips To Help Your Loan Process | Valor Lending Group

Are you ready to purchase a home?

Purchasing a home can be very exciting, however, navigating through the process can be stressful. Having a step by step process can help. If you feel that you are ready to purchase a home, there is some information you should be ready to provide to your loan officer to be sure to have the financing process goes smoothly.

Know your credit information, income, assets and which program is the right for one you.

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Here Are 7 Tips To Help Your Loan Process Go Quickly and Smoothly

1. Make sure your credit is in good shape

• Check your credit score
  • Excellent Credit: 750+
  • Good Credit: 700-749
  • Fair Credit: 650-699
  • Poor Credit: 600-640
• Try to get your credit card balances below 40% of the limit
• It’s best to have at least 3 open and active accounts listed on your credit report

2. If you’re renting, pay by check

• Having documented proof of your last 12 months of payments is often required by the lender

3. Obtain proof of employment for the past 2-years

• W2s and tax returns
• Paystubs covering 30 days
• Be prepared to explain any gaps in employment

4. Avoid large deposits or withdrawals from your bank account

Lenders look at your bank statements and will want to verify any large deposits or withdraws shown on your bank account. With that said, if any of those deposits are not verifiable whether being cash deposits or possible an undisclosed loan deposited, those funds will not be able to be used towards the transaction.

5. Determine a down payment amount based on your available funds

Nearly every loan requires at least a small sown payment contribution unless the financing being used is a VA home loan or you are a first time home buyer.  Make sure you have run the numbers and have enough funds to close including down payment and closing costs.

6. Obtain a pre-approval letter from an Independent Mortgage Professional

Mortgage professionals can promise you the world and swear up and down that you qualify, make them put their approval where there mouth is!  Don’t get caught up with hear say with out obtaining a pre-approval letter.  At Valor Lending Group, we can get you a pre-approval letter as fast as 24 hours from your call.

7. Research a local real estate agent

A local real estate agent will serve you better than one who works from a distant city or county.  This is because a local agent has their finger on the pulse of their marketing area and will know how to negotiate and discuss your offer with other local agents.

Valor Lending Group is here to walk you through the loan process. We are committed to help you achieve your goals! If you are trying to refinance your current home or purchase the new home of your dreams, when you choose us to be your heavy hitters you can trust and believe that we will deliver perfection! CONTACT US TODAY and I will assist you through the process.

Call or email me for immediate attention to your scenario!

Valor Lending Group can fund your fast-hard money loan up to $10mm in as little as 7 days often without an appraisal.

Check out more information on our programs CLICK HERE and please do not hesitate to call on me for any scenarios.  I look forward to an opportunity to demonstrate my prompt and professional service.

Recap of our Loan Products:

1. Hard Money Loans (20% down / minimal documentation) Typically Fund in 7-10 days.
2. Stated Income Loans (Great for business owners and self employed ) No tax returns!
3. 100% financing is available (we can cross collateralize other properties if there is enough equity)
4. Valor VA Home Loan 100% financing up to $1.5MM
5. Investor Cash Flow Loan – No tax returns or DTI calculation! Based on subject property cash flow – No Coverage needed DSCR!
6. Flipper & Rehab Loans (Flip a property with one of our many options)
7. 2nd Position Loans up to $5mm
8. Raw Land & Lot Loans
9. Ground up Construction for spec homes, custom homes and commercial ground up.
10. Farms, Vineyards, Ranches and Agricultural Properties (25-30% down)
11. 5% down Jumbo’s with NO MI up to $2mm / 10% down up to $3mm
12. Manufactured Housing / Mobile Homes (20% down / 600+ credit score)
13. Acreage Properties
14. Commercial Loans up to $500mm
15. 3% & 5% down Conventional Loans– LPMI (Lender paid mortgage insurance)
16. Foreign Nationals Loans (no social security or residency required)

We also offer:

1. 10, 15, 20, 25, 30 year Fixed, Conventional Conforming Loans (under $510,400)
2. High Balance Conforming aka Super Conforming (from $510,400-$765,600)
3. Jumbo’s to $10 Million / Super low rates! / 10% down Jumbo to $3mm
4. FHA, USDA
5. ARM’s
6. Reverse mortgages up to $1 Million Value
7. Refinance including Cash Out

**Rates and terms subject to change without notice

We are never too busy for your referrals.

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