Is Bad Credit Better Than No Credit in the Charleston Market?

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I’ve brought in special guest Chris Gonzalez from Tabor Mortgage Group here in Charleston to help us answer the age-old question: Is it better to have no credit or bad credit when you’re purchasing a home?

“We can actually work with both clients, whether you have bad credit or you have no credit, we’re just going to tackle those in different ways,” Chris says. 

For those without any credit, Chris says he can work with rental history, utility payments, and cell phone payments. So, even though you may not be paying anybody, you’re actually building a credit history on your own.

For bad credit, it is a little bit tougher, and the first step they'll take is to pull a credit report and see what’s causing the poor credit score.

The way to start is to reach Chris at 843-810-4821 or at Chris@TaborMortgage.com.

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We can work with both clients, whether you have bad credit or no credit.

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“We will get a credit report pulled, we’re going to review it with you, and then whether you need help or not on the credit side, we’re going to set you up on a plan and give you a timeline so you know when you can get your home purchase completed,” Chris says.

Once you’re ready, Chris will turn you back over to us, and we can help you with your real estate needs!

Thanks to Chris for joining us and teaching us about bad credit vs. no credit. If you’re interested in getting pre-approved reach out to Chris, and if you have real estate questions give us a call or send an email and we’ll get started on a conversation today.

Our Buying Program for South Carolina Heroes

Buying a Charleston home? Get a full home search

Selling your Charleston home ? Get a free home value report

Today, I want to mention a special program we offer.

Are you a teacher, firefighter, police officer, veteran, or nurse? If so, we offer a special Hero Home Buying Program. It includes thousands of dollars in down payment assistance.

If you have at least a 620 credit score, and you can afford $800 per month, we want to talk to you. This is a limited time offer throughout the state of South Carolina. When the funds are dried up, the program is over.

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Are you a teacher, firefighter, police officer, veteran, or nurse?

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The program is offering up to $10,000 of down payment assistance and an interest rate of 3%. We have several homes available. If you qualify and choose this route, it will be cheaper than renting. It’s an affordable monthly payment without a down payment.

Click here to see if you qualify

We’d be happy to serve you and consider your application if you meet these qualifications. Reach out by phone or email with any questions you might have!

Who Pays What in a Real Estate Transaction?

Buying a Charleston home? Get a full home search

Selling your Charleston home ? Get a free home value report

Today, I’m talking about who pays what in an average real estate transaction in the surrounding area. How much are the entire closing costs for the buyer and the seller?

When you’re buying or selling a home, people often overlook how much a transaction will actually cost them. What’s interesting about this is that you can find all kind of calculators online, but every state has different regulations. As a general rule of thumb you have fees that account for up to 1.5%, if you're selling, and 3.5% if you're buying, of your entire transaction. This also includes mortgage fees, attorney fees, deed stamps, title insurance, and homeowner’s insurance. The homeowner’s insurance brings up the percentage for buyers compared to sellers.

If you present an attractive offer to a seller, they might be willing to help you pay for these fees out of their own pocket. This reduces the amount of money you pay out. If you’re a seller, closing costs can come out of a home’s equity. Additionally, you need to consider comission fees for real estate agents, which are between 5% and 7% depending on the services you receive from the agent.

If you’re thinking about buying or selling in Charleston, give me a call or send me an email. I’d be happy to serve your local real estate needs and answer any questions you might have!