Have Questions?

Q. What does it take to qualify?

A. A credit report and complete 1003 loan application is required for the initial underwriting. Good debt to income ratios based on documentable income will be required.  We will not put a buyer into a house they can not afford. Other credit items on your credit report should generally show “paid as agreed.” We will consider difficult to document and/or inconsistent income if it is credible and makes sense. Tax returns may help if your application is weak.

Q. What if I have had a foreclosure, short sale or bankruptcy?

A. If an acceptable explanation is given, we may be able to help. Frankly, if this is you, you are the person our company came into existence to help. Talk to us.

Q. What if I am currently in foreclosure, short sale or bankruptcy?

A. We can often help people currently in foreclosure or facing a short sale situation to buy a nicer home for dramatically less than what is currently owed. We understand the nature of the “sub-prime era” real estate meltdown. Do not relegate yourself to renting until you have talked to us. Have your Realtor call.

Q. What if I have other negatives on my credit report?

A. Tax returns are not required, but could make the difference on a weak application. Derogatory information on your credit report is handled on a case by case basis.  Like the old community banks of yesterday, we take the time to get to know our clients. Talk to your Realtor, and have them talk to us. We want to help you buy a home. It’s what we do.

Q. What if my income is hard to document or is inconsistent?

A. We will consider hard to document or inconsistent income such as commissioned sales people and seasonal construction workers if it’s credible and makes sense.

Q. Do you choose the house for me?

A. Never. You choose the neighborhood. You choose the home. You work with the Realtor of your choice. Based on our approval of your application, on approved credit, we put up the cash to buy the home. You buy it from us on prearranged Land Contract terms. No surprises.

Q. Why do you mark the price of the house up?

A. Honestly? To make a profit. But it’s not all profit, not even close. This kind of financing costs us plenty to put together. Our investors need to be enticed. Our staff on the ground is well paid. We have marketing costs. We guarantee your loan to our investors. If you don’t pay, we do. In short, we don’t cut corners and we have far more operating expenses than it would appear on the surface.

Q. What are the closing costs?

A. You as the buyer will be responsible for normal transaction closing costs which include escrow fees, hazard insurance, etc. Usually, the seller will pay your Realtor. Commissions are negotiable. Most Realtors add a reasonable transaction fee on lower priced homes. The only fee we add is a transaction fee of $355.00 to cover our costs of underwriting and property approval. If the deal does not close you pay us nothing.

Q. How do I know I am qualified?

A. Talk to your Realtor. Fill out a credit application and run a single agency credit report on yourself. Have your Realtor email it in.  In most cases you’ll know within 24 hours. Sooner if requested.

Q. Do I find the house first or get approved by SCI first?

A. Get approved. It costs nothing.

Q. Can I work with my own Realtor?

A. Yes, and in fact, we encourage it. SCI does not represent buyers or sellers directly. We facilitate the deal. Realtors help you choose the best neighborhood, the best property and the best negotiating strategy. A good Realtor will look out for your interests. Smart buyers and sellers use Realtors. We are in the business of helping smart buyers and sellers!