With the ever changing mortgage crisis we are facing right now, it has become a challenge for some people to obtain financing on second homes and investment properties. To combat this, many sellers of Smith Lake property will hold the mortgage on their property to qualified buyers.
Since banks are tightening the reins on their lending requirements, those approved for second homes or other properties months ago, would no longer qualify at the present time although their income and assets may be the exactly the same. Most of the people in this situation have adequate income and excellent credit scores, but may have a high amount of outstanding debt thus reducing their borrowing capability.
I have several Smith Lake property owners who will hold the mortgage on their real estate for a good qualified buyer. Most of these owners will want a considerable down payment and will offer the same interest rate as a local bank.
The buying opportunities are endless on Lewis Smith Lake--take a look!