I got a call yesterday from someone who we called about property they had for sale (by owner) and she said they would consider a land contract. So it’s a really nice 10 acre parcel and we would love to be able to build a home on it in the future (say 2 years from now). To us this seems like it would be perfect cause we’re not ready to build just yet and we could take that time to save up for a mortgage and then roll what’s left to pay on the land into it.
We have been approved for a mortgage, but I think it would be better if we waited a couple years until we are better established credit wise. We can’t find anything we really like in our price range anyways so at least we know, when were ready, we can get what we want and it’s on land we love.
Is this a good idea?
Also, all those monthly payments, do they provide any credit benifits, say proof of rent or something like that? We are paying rent right now, but some more proof we can make another payment a month can’t hurt, right?