land contract: Contract for Deed or Land Contract - 06/10/08 06:00 PM
 
A Contract for Deed allows a buyer to purchase a home at a negotiated price from a seller with a small down payment. A banking institution will then treat this as a refinance after at least 12 months or more of timely payments made through a third party (checking account) to the seller. This offers the buyer time to build equity in the home, make any necessary home repairs for fixed rate secondary market loans, and time to repair any credit problems prior to bank financing.  The big secret is that banks then treat the contract as a refinance with equity built into the home.   It is a … (1 comments)

 

Anthony Bollman

Sterling, IL

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Source 1 Mortgage

Address: 1204 Harmon Rd, Harmon, IL, 61042

Office: (815) 535-1076

Fax: (815) 288-2092

Mortgage Financing in Northern Illinois


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