Jeanne Goldrick Connecting People & Casper Connecting People & Homes 307.262.1365 | Email Me |
An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.
A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan.
On the other hand, there are risks associated with land contracts. Land contract purchases are not necessarily recorded in the public record, and there are no guarantees that the seller will be able to transfer a clear title to the buyer upon fulfillment of the land contract. There also is no lender assuring that the purchase price for the property is justified, and no inspection of the property’s condition.
Another alternative to a non-conforming loan is assuming the seller’s mortgage. By assuming a mortgage, if the mortgage is assumable, it is possible to save on closing costs, and may allow you to obtain a favorable interest rate.
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Jeanne Goldrick
Associate Broker/ Owner
#1 Properties of Casper, LLC
"Knowledgeable, Experienced, Innovative"
400 East 1st Street, Suite 304
Casper, WY 82601
307-262-1365
goldrickjeanne@gmail.com
Jeanne Goldrick | 307-262-1365 | goldrickjeanne@gmail.com
#1 Properties of Casper, LLC | 400 East 1st Street, Suite 304 | Casper, WY 82601
Copyright © 2016. Jeanne Goldrick, All Rights Reserved
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Information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. The data relating to real estate on this web site comes in part from the Wyoming MLS Internet Data Exchange Program. Real estate listings held by brokerage firms other than the listing office named are marked with the Wyoming MLS IDX logo and detailed information about them includes the name of the listing broker. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
Information last updated on 2024-03-27 17:30:17.