The better your credit score is, the less obstacles you'll have to cross when mortgage companies in Charlottesville Virginia 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.

You should aim for a FICO score above 710 because it allows you to obtain the best loans and have the most bargaining leverage.

Here's an article from Bankrate.com that discusses 5 Tips For Financing Investment Property.

There are a wide variety of loan options available to the investor in Charlottesville Virginia. You can even find loans that will cover 100% of the purchase price.

Here is an article from Credit.com that talks about the process of Financing Your First Investment Property.

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 Charlottesville Virginia.

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.

Sponsored by:  Central VA HUD Homes  and

Fulton W. Gaylord--Assoc Broker, SRES, ABR, e-Pro
Authorized HUD Representative, Certified REO Specialist
Keller Williams Realty
1885 Seminole Trail, Suite 100
Charlottesville  VA  22901
434-220-2228

Fulton@KW.com

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