If you have excellent credit you will have the least amount of hurdles to jump through. When dealing with mortgage companies in [Profile.market2] are looking at your credit they are generally referring to your FICO score. This refers to the combination of the three credit institutions and is typically standard for coming up with whether or not they may lend you money.

When looking at your credit score you will have access to the best loans and more negotiating room with a FICO score above 710.

The investor now has many different loan options available to him when purchasing investment property in [Profile.market2]. 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. The homeowner Carrying a second mortgage on the property is also an option on some homes and investment properties in the Columbia South Carolina real estate market.

In one scenario, both you and the seller are both happy with the price negotiated. You get 80% through a bank or lender and the owner agree to finance to other 20% for you as a term of the contract.

It is easier to get a loan for 80% of the purchase price. It is definitely the case if you have agreed on a cost that is less than the market value. Perhaps you agreed upon a final price of $100,000 While the real market value is determined to be 123,000.

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

Comments

Printer version

 Tags: Columbia South Carolina Real Estate, Columbia South Carolina Homes, Columbia SC Real Estate, Columbia SC Homes, Adrian La Fosse

Article's Author

Adrian La fosse
Asset Realty, Inc.
Columbia, SC

Contact Adrian La fosse