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buying on land contract…?
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2 Responses to buying on land contract…?
Look into your local home buying organization. Here we have a “Department of Development”. It’s a program set up for first time home buyers. You’ll get a tidy chunck of money for the downpayment. You have to spend the entire day listening to how to become a home buyer or you can go there 3 times for half an evening.
Personally I don’t like land contracts but where I am the property is so high the land contract is a good idea because we’ll be able to stay in the town we’re in. Supposively we’re only going to have to pay $115,000 for a NEW 3 bedroom place. We could buy a 1960 small house that would need work on the inside but we’re not interested in that.
If you’ve been approved for a mortage I don’t know why you’d want wait? We’re waiting because we’re waiting for our credit payments to get in the system also there aren’t houses available yet. We were told it could be a year before one is available.
My advice is to contact your local Development Office and see what programs they offer. More information is always beneficial.
As I said I’m not for land contracts but sometimes you don’t have a choice really.
best of luck
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Payments on a Land Contract are not reported to the credit bureaus and therefore would no help your credit. Essentially, you would be renting the land until you buy it. Fine, if you are not ready or don’t qualify for a Lot Loan. Also, you may have to own the land outright to qualify for a construction loan.
best of luck
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