Why A Land Contract

Land Contract Homes In MichiganIf you are not able to realize your dream of owning a home because banks are refusing a loan, then we are here to help you. A poor economy, low paying jobs and job loss are damaging the personal credit rating of many all over the country. A person with bad credit will not be able to get a bank loan to buy the home he wants, and money lending institutions will be wary of giving loans to such individuals.

If for some reason, you are unable to qualify for a loan, you no longer have to feel that your dream to own a home will never be fulfilled because we are here to help you find someone who has a home for sale. We make it possible for you to buy a home in the place you want to live without much hassle. We have listings of a range of homes, so you can find a house in the style of your choice that will suit your budget.

We specialize in helping those who want land contract homes in Michigan, and we will help you connect with those who want to sell. After making a down payment of a specified amount, you can own your own home. You can rent to own a home and take care of it as your own. You will have to repay the remaining balance in installments, the amount of which will be agreed upon by you and the seller. Once you have paid the remaining amount over a period of time, usually anywhere between 1 to 5 years or more, you will have complete ownership over the property.

We create a win-win situation for both you and the seller. We make sure that the best interests of the buyer as well as the seller are never compromised. You can enter into a land contract in the metro Detroit area with the confidence that your monthly payments will be low enough to fit your budget. All you have to do to get us to help you get your own home is fill out the online form. You will have to supply all the information and details we request so that we can understand your needs fully and find you a suitable home. You will have to share a few personal and financial details. However, you can rest assured that the information you share with us will not be shared with anyone.

We are very understanding of your needs and desires, and we will help you by removing the various financial obstacles associated with lease to own. We help in finalizing the structure, pricing and term for repayments.

No matter what situation is stopping you, be it a foreclosure, bankruptcy, short sale, unpaid credit cards, divorce, medical expenses, etc., we will help you find a way to get your own home. The pricing on houses is always rising. Contact us today to find the right home and the right seller so that you can move into the home of your dreams.

Why credit is not a factor when doing a land contract

If you have poor credit, it is often very difficult to purchase a house.  Mortgage lenders often times are unlikely to grant a home loan to someone with bad credit and financing a house will become next to impossible.  Fortunately, for people with poor credit, there is the option of purchasing your house through a land contract.  In fact, if your credit is poor than finding a land contract is almost the only way you can actually purchase a home.  The reason for this is because with a land contract you bypass the lender and do business directly with the seller.

To begin with a land contract at its basic core isn’t all that different for a traditional mortgage for a home loan.  The biggest difference is that instead of a mortgage lender, the loan payments are made to the seller.  Usually, land contracts are used by sellers who want to sell their property quickly without the hassle of going through a lender and put more interest payments into their pocket.  Since no lender is involved, it tends to be far less likely that credit score is going to be a factor in the purchasing of a land contract.

Of course, the down side is that the buyer will have to assume greater risk.  Since their credit is poor to begin with, sellers are likely to impose tougher contract terms on buyers with elements such as interest rate, purchase price, and down payment often higher than a conventional lender.  Sometimes a buyer can negotiate better terms but often times this is a bit of a price to pay.  Ultimately, the buyer’s goal should be to rebuild their credit while they are making the payments to eventually purchase the house.

It is true that credit generally doesn’t matter when purchasing a land contract.  In many ways, it can be argued that land contracts exist specifically for people with poor credit who still wish to purchase a house.  Ultimately, my own personal advice is that making the payments on a land contract should serve as an opportunity to increase your overall credit score over the time that you make the payments.  It is bound to simply make your life a lot easier in the long term.  Regardless, if you do have poor credit then land contracts really are your best options if you are seeking to purchase a house.