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 Spartanburg South Carolina. You can even find loans that will cover 100% of the purchase price.
There are still options available,if your credit is not excellent. You may be able to negotiate the seller carrying a second mortgage on the property in Spartanburg South Carolina.
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.
You will find that the process of getting a loan is less complicated for eighty percent of the purchase price. If you have negotiated a price below market value,this is especially true. Perhaps you agreed upon a final price of $100,000 while the real market value is actually $120,000.
With this example the lender that supplies the loan only has $80,000 at risk on a $120,000 property. This is not as risky.
Now is the perfect time to look for a real deal with owner financing. We specialze in finding sellers that are willing to finance their properties. The last one I did was a $250000 home that the seller financed with a down payment of $10,000.
The buyer has a great job but could not get a bank loan right away but the seller had a home setting vacant for several months and need some cosmetic work. The buyer was very willing to do the work. This deal worked fine for everyone.
Now the seller has turned a liability into an asset. He is also getting about twice as much interest on his money as he would if the money were in a bank.
Call me today and I will help you sell your home or buy a home.
Click here to fill out a form to get help finding a home with owner financing.
Jim Wood, Broker with 33 years experience.
Spartanburg County Master-In-Equity Foreclosure Sales
Sale Date - October 3, 2011