5 Ways to Buy a Myrtle Beach Condo With Bad Credit
Most people at some time or another have had not so good credit. You miss a credit card payment, Co-sign on something for someone else or the nightmare problem where someone stole you identity. But if you know how to work around these problems you can still buy the Myrtle Beach Condo you have been dreaming about even if your credit isn’t so good.
Below are 5 ways you can still buy that condo and not have to worry about your credit issues
1. Lease Option – When a market is slow its not too uncommon for owners to lease a Myrtle Beach Condo to you and give you an option that locks in the price. Often as long as you pay your lease on time and work on your credit you may be able to go to a bank and refinance the condo after a specific amount of time. Or if you decide you don’t like the condo as much as you thought you did, you are under to obligation to exercise your option and buy it.
2. Owner Finance – Many times if an owner is looking to sell a property quickly, they will consider owner financing. It some cases you maybe able to negotiate a better rate, terms and down payment than the bank will give you.
3. Land Sales Contract – Very similar to Owner financing, a land sales contract is an installment sale on a property.
4. Have the Seller Take Bake a 2nd Mortgage – many times banks may require a buyer to put down a large down payment on a Vacation Property. However it is possible to avoid this if the seller will take back a 2nd mortgage. Many times the bank does not want to take the risk of financing 100% of the purchase price but will allow the risk to be spread out between them and the previous property owner.
5.Hard Money Loan – Hard Money Loans have been popular with investors that are only planning to own a property for a short period of time. Often hard money loans are given at a low Loan To Value and are based more off of the property itself than the borrowers credit. However interest payments are often high and down payments are big.
Fore more information on buying a Myrtle Beach condo visit Myrtle Beach Condos
Below are 5 ways you can still buy that condo and not have to worry about your credit issues
1. Lease Option – When a market is slow its not too uncommon for owners to lease a Myrtle Beach Condo to you and give you an option that locks in the price. Often as long as you pay your lease on time and work on your credit you may be able to go to a bank and refinance the condo after a specific amount of time. Or if you decide you don’t like the condo as much as you thought you did, you are under to obligation to exercise your option and buy it.
2. Owner Finance – Many times if an owner is looking to sell a property quickly, they will consider owner financing. It some cases you maybe able to negotiate a better rate, terms and down payment than the bank will give you.
3. Land Sales Contract – Very similar to Owner financing, a land sales contract is an installment sale on a property.
4. Have the Seller Take Bake a 2nd Mortgage – many times banks may require a buyer to put down a large down payment on a Vacation Property. However it is possible to avoid this if the seller will take back a 2nd mortgage. Many times the bank does not want to take the risk of financing 100% of the purchase price but will allow the risk to be spread out between them and the previous property owner.
5.Hard Money Loan – Hard Money Loans have been popular with investors that are only planning to own a property for a short period of time. Often hard money loans are given at a low Loan To Value and are based more off of the property itself than the borrowers credit. However interest payments are often high and down payments are big.
Fore more information on buying a Myrtle Beach condo visit Myrtle Beach Condos
Labels: myrtle Beach Condo Financing
posted by Jason at
12:19 AM
0 Comments:
Post a Comment
<< Home