I just published my first book in real estate entitled: ‘Understanding Land Contact Homes: In Pursuit of the American Dream‘. It covers the used of Land Contracts in buying ans selling a home in America. This specialized type of financing is also called ‘Contract for Deed’ and is essentially a form of seller financing. It is an option for buyers who need time to repair their credit, but desire to purchase a home now, rather than later.
Land Contract Homes were very popular in the 70’s and early 80’s in the USA, because the bank and mortgage companies interest rates were so high, often as much as 15% to 18% in some cases. Conventional lending also required higher down payments (often 20%) in those days, whereas a individual seller offering a home on Land Contract could accept 5% to 10% down and offer a 10% to 11% interest rate.
Today the situation has reversed, where the conventional lending languishes between 3-5% at given times over the last few years, and one can buy a home with an FHA loan for as little as 3 1/2% out of pocket. However, ones credit has to been in good enough condition to qualify. This is where Land Contract home financing has found a new niche. They still offer higher interest rates, and require a higher down payment than FHA, but the lender is an individual seller who can make exceptions for a low credit score as long as the person has a plan to repair it and a good income.
So my book Understanding Land Contract Homes: In Pursuit of the American Dream is about not only the subject of Land Contracts. It is about helping buyers and sellers to come together, and making it a win-win scenario for both parties. The book offers help in understanding how Land Contracts work, how to repair ones credit, and even some tips on how to turn your life around if you are starting at the bottom.
So if you have ever had an interest in learning about this form of seller financing, or gaining a better understanding of Land Contract Homes, I would encourage you to read my kindle eBook on this subject.