Top Beneficial Tips When Purchasing a Home | Valor Lending Group

Are you ready to purchase a home of your own?

Are you interested in learning some useful tips to purchasing a home?

Purchasing a home can be very stressful, especially if you don’t know where to start. When getting ready to purchase a home there are certain things to consider.

Valor Lending Group is here to help you purchase your new home TODAY!

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Here are a few quick tips to help your loan process go quickly and smoothly!

Credit Tips

1. Make sure your credit is in good shape
   • Excellent Credit: 750+
   • Good Credit: 700-749
   • Fair Credit: 650-699
   • Poor Credit:600-649
2. Try to keep your revolving balance of credit card debt under 30% of available credit limit
   • For example: If you have 3 credit cards with a combined limit of $25,000, try to keep the COMBINED revolving balance of these cards under $7,500 for most positive credit effect.
3. Have at least 3 open credit accounts.

Rental History

1. Make sure you document and can verify the past 12 months of rental payments. Most lenders will want to see this when you apply for a loan.

Employment Verification

1. Have past 2 years of W2/Tax returns available
2. Have most recent pay stubs covering up to current date
3. Be able to explain any gaps in employment over past 2 years (if applicable)

Additional Tips

• Avoid large deposits or withdrawals from your bank account
• Determine the amount of money you will be able to use as a down payment on your home purchase.
  • Lowest amount you will be able to put down is 3.5% of home’s purchase price using an FHA Loan
  • Gift funds are allowed to be used as a down payment ( certain restrictions apply)
• Obtain a Pre-Approval letter from a licensed Mortgage Loan Officer. Call Adam at 702-596-5639
• Research a local Real Estate Agent.

Bottom Line

Valor Lending Group is here to help you with all of your home purchasing needs. Give us a call today to discuss your mortgage loans options.

CALL or EMAIL for immediate attention to your scenario!

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, as well as 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. Conventional Conforming Loans (under $510,400)
2. High Balance Conforming (from $510,400-$765,600)
3. Jumbo Loan Financing to $10 Million / Super low rates! / 10% down Jumbo to $3mm
4. FHA, USDA
5. Reverse mortgages up to $1 Million Value
6. Cash Out Refinancing

**Rates and terms subject to change without notice

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