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Valor Homes does not do Rent to Own because renting homes is our complete focus and we strive to be the best in the business. We buy our homes and remodel them with the purpose of maintaining them as long term rentals. Therefore, at this time, none of our homes are for sale. There are other companies who work with tenants who are willing to do a "rent to own" arrangement but we encourage tenants to be cautious and careful when contacting them.

Want some free advice on HOW TO QUALIFY FOR A HOME LOAN?

Here are some things to help you get prepared.

1. You must not have any 30+ days late payments on any credit card or loan. 

2. Your credit score has to be over 640

3. You will likely have to show proof of 12 months consistant rent payments. If  you've been living with family, they will have to write a letter confirming that you've been there and for how long and whether or not you've paid rent. If the letter states you paid rent, be prepared to prove it.

4. You will have to provide 2 months worth of bank statements with NO NSF's. If there are NSF's, be prepared to write an explanation as to what happened.

5. There is no such thing as a "stated income loan" loan. You will have to show proof of all income you wish to count. All customers will have to show 2 years of tax returns. If you don't pay taxes on your income, you won't be able to use it to qualify. You can only count income that you report to the IRS. For those who work in a "tipping" industry, you can only count the tips that you report. 

6. You cannot have any tax liens. If you do, those will have to be paid.

7. Random large $$ deposits (anything over $200) into your checking account will raise a red flag and those funds will be questioned and investigated by the loan underwriter. Be prepared to show proof of where those funds came from. Underwriters are looking to see if someone gave you a loan that you'll have to pay back therefore that debt will be counted against you in their debt to income ratio requirements. They are also interested to know if those funds are of legal origin.

8. Be prepared to explain all credit inquiries (companies that have pulled your credit in the last 30 days) that show up on your credit report. 

9. DO NOT add any unnecessary debt during the loan process. Even after approval!!! Wait until the loan closes before adding any additional debt. If you obtain any additional debt, it could delay or even completely hault your loan.  

10. You cannot have any accounts in Collection Status. And no other judgments or accounts in collections, like Cell phone companies or Utility companies. You might be required to pay those off. Typically medical collections do not count against you.

11. Child Support- must show RECEIPT of child support. A court order does not prove receipt. Must show 6 months of receipt.

If based off the above approval criteria, you feel you would qualify for a Home Loan, feel free to contact our Real Estate Agent Barry Garner at 770-294-4027.

Many people want to know how they can RAISE YOUR CREDIT SCORE. Here are some tips.

1. Do not max out your credit cards. If your credit limit is $2000 and your balance is $1950, you have maxed out your credit. But if your limit is $2000 and your balance is $500, you have not maxed out your credit. If you limit is $5000 and your balance is $1950, you have not maxed out your credit. Credit Bureaus are looking to see that you have the authority to use the credit but you're responsible enough to not use it all and max it out. 

2. Pay your debts on time. Don't allow them to get over 30 days late.

3. When paying your credit card bill, always keep a small balance. EX: $50 balance on a $500 limit shows that you know you have the approval to use the available credit but you show discipline not to spend what you don't need to spend. 

4. Don't allow too many people to pull your credit. 

5. If you are the co-signer on an account, that debt and the history of payments belongs just as much to you as it does the main account holder. Be careful when agreeing to be a co-signer.