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Old January 5th, 2013, 08:52 AM   #1
1badzuk
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Default house on land contract

i am looking to buy a house in the west MI area on land contract.

i am about to be medically retired from the Army in the next few months. I cannot find a lender who will work with me because my mother ruined my credit before and during my time in the service.

if any on GL4x4 or know some one, who is in the position to sell a home on land contract terms pm me contact info.

what im looking for

-area- sparta,kent city,newaygo,fremont,cedar springs, grand rapids depending on location
-3br+
-$100,000 or less
-no balloon would be great but 5-10yr would work giving me a chance to fix what my mother ruined
-down payment can be made if needed

thanks to all who take the time to look
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Old January 5th, 2013, 09:10 AM   #2
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There is usually no credit check on a land contract. You are making a contract between you and the owner so no lending institutions need to be involved. Most land contracts require 10 or 20 percent down to get started but that is entirely up to the land owner. Insterest rates are usually a higher on a land contract than a conventional loan but that's the way it is. Be sure you get everything in writing and have a lawyer review it. Also, land contracts almost always have a balloon payment at the end so you will need to get your credit cleaned up by then or if the lien holder is willing, refinance through them.

Hope this helps you out.
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Old January 5th, 2013, 09:18 AM   #3
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thanks that is spot on info from my talking to real estate agents and internet research

i have found one in muskegon MI the owner wants to focus on other investment properties he has
HIS terms are 400/month no down payment no interest after 10 yrs its payed off (says he wants to help out people when he started no one helped him) and all payments would be threw a title company

it is very filthy inside he bought it from a bank forclosure but it has good bones and i think i could get it in shape but muskegon isnt my top choice due to the area
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Old January 6th, 2013, 10:34 AM   #4
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