SCDC & LENDER REQUIREMENTS
While you are required to bring absolutely $0 of your own money to closing for your properties after your initial $5000 for the contract, there are still other requirements that you need to meet to become an investor with SCDC. These requirements may change from time to time, so please ask about any changes during your consultation, because the qualifications on our website may not have been updated yet.
We prefer that our investors have a credit score above a 740 FICO score across all three major credit bureaus. We ask that you join www.myfico.com and get their 3B Monthly credit reporting for all three bureaus so that you can keep track of where your scores are, especially at the time of pre-approval and final closing. Some of our lenders will allow you to supply the log in for this service and utilize your credit scores from there instead of making a hard credit pull inquiry, which is beneficial to keeping your score higher in many instances.
We also prefer that your credit score be above 740, but that you have at least two primary accounts older than three years, at least one installment loan older than one year, and a mortgage account is preferable, although not required if your credit file is otherwise "thick."
Our lenders may also run a background check on you to make sure you are not involved in any lawsuits or pending litigation, as well as have a clean criminal history. We work with multiple lenders, so their criteria can vary. We also require that you have an income of $100,000 or more either individually or combined if a group of two or more people. Please feel free to ask any additional questions during your consultation regarding requirements and credit.
If your credit doesn't meet our standards and criteria currently, you can still book your consultation and the professionals at SCDC. will advise you on things you can do and ways to help you qualify faster to become an investor with SCDC. The longer you are on the waiting list, the faster you will get an opportunity to invest once your credit meets the criteria.
