The better your credit score is, the less obstacles you'll have to cross When dealing with mortgage companies in [Profile.market2] are evaluating your credit generally talking about your FICO score. This is a compilation of the three major credit bureaus and is the standard for determining credit worthiness in the industry.

An individual should aim for a FICO score above 710 because it allows individuals to obtain the best loans and have more bargaining leverage.

There are a wide variety of loan options available to the investor 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. You may be able to negotiate the seller carrying a second mortgage on the property in [Profile.market2].

In this case let’s say you negotiate a price both you and the seller are happy with. You agree to get a loan for 80% of the purchase price and the seller agrees to take payments for the remaining 20%.

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. Consider that you agreed on a selling price of $100,000 while the actual market value of the property as per an appraisal was $138,900.

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

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 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