7 Ways To Help Your Loan Process

Are you ready to buy a home?  Here are 7 Ways to Help Your Loan Process. One you are ready to buy a home, it is extremely important that you are ready to provide your Loan Officer with the following information to ensure a smooth financing process.

• Know your credit information
• Income
• Assets
• The right program for you (We can help you with this)

Here Are 7 Ways 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. Having said that, if any of those deposits cannot be verified, whether it’s a cash deposits or possible an undisclosed loan deposit, those funds cannot be used towards the transaction.

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

Nearly every loan requires at least a small down payment contribution, unless you are financing via 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. Have them put their money where their mouth is! Don’t get caught up with hearsay without 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. Primarily 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. If you don’t a have a real estate agent, we work hand in hand with the best real estate agents in the industry and can connect you directly.

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.

Valor Lending Group also offers literally every loan in the book! 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

Many more!