Thanks for your interest in how a land contract actually works. Most people are not familiar with what a Land Contract or purchase mortgage actually is. It is also called seller financing instead of bank or mortgage company financing. Instead of the debt or note, and monthly house payment, being with the bank or mortgage company, the debt, and monthly house payment, is with the seller. There are lots of good things about that including: you are the owner of the home, monthly house payment is almost always a lot less than rent, and a Land Contract also gives much more flexibility than with banks regarding the sales price, size of down payment and monthly house payment amount.

Here's to happy house hunting

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