When Investing in Minneapolis Minnesota Condos, Credit is Priority Number One

Note: For instant and unlimited free access to Downtown Minneapolis condo search click here to begin your search now!

The better your credit score is, the less obstacles you'll have to cross.  When the mortgage companies in Minneapolis Minnesota are discussing your creditworthiness they are generally referring to your FICO score,looking at your credit. This is a compilation of the three major credit bureaus and is the standard for determining credit worthiness in the industry.

When looking at your credit score you will have access to the best loans and more negotiating room with a FICO score above 720.

The investor now has many different loan options available to him when purchasing investment property in Minneapolis Minnesota. There are even some loans that will cover the total purchase price however, with the current credit situation they are far and few between.

If your credit is not excellent there are still options available. You may be able to negotiate the seller carrying a second mortgage on the property in Minneapolis Minnesota.

In one scenario, both you and the seller are both happy with the price negotiated. Your loan will take care of eighty percent of the purchase price, and the seller accepts payments for the remaining twenty percent.

It is easier to get a loan for 80% of the purchase price. This is especially true if you have negotiated a price below market value. Maybe a negotiated sale price of $300.000, compared to an actual market value of about $357,000.

In this scenario the money coming from the lender is easier to get. The risk is minimal.

There is a lot of free information available to you about buying, selling or investing in Downtown Minneapolis condos. For complete information about the Downtown Minneapolis condo market including current homes for sale, property values and more please visit the most complete website online dedicated to everything Downtown Minneapolis condos. So please feel free to contact me with any of your condo questions and I will me more than glad to answer your questions. Call me on my cell at 612-735-6834 or email me at mike@mikeweiland.com.

P.S. For instant and unlimited free access to Downtown Minneapolis condo search click here to begin your search now!

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 Tags: Downtown minneapolis condos, condos for sale in minneapolis, lofts minneapolis, minneapolis mls, minneapolis community, condo minneapolis

Article's Author

Mike Weiland
The Weiland Group of Keller Williams Realty
Minneapolis, MN

Contact Mike Weiland