If you can put down 30% or more, is a loan possible?

[mikemike]

Good info. So basically u still need a down payment. Is there anyway u can get scammed? Or something to be very aware of besides the interest rate?

[tobee43]

Good info. So basically u still need a down payment. Is there anyway u can get scammed? Or something to be very aware of besides the interest rate?

yes, usually you need a some type of downpayment. in the case of my daughter's house she did not require one, so it depends on how the contract is written. one can really set up the terms as they see fit.

i think nowadays it appears you can get scammed on just about anything. so i would use an atty for a land contract.

as far as the interest rate goes, that something that once again is agreed upon. the person brokering the deal usually adds a point or two on the interest rate for their fee, i think that's common practice.

also, with our deal, which was an owner fianace situation, we offered the owner much more than the asking sales price so he would finance us at 100% (it's at 5%), we begged and borrowed from family members to come down with a big downpayment. (not something i would advise most people to do unless you have a GREATrelationship). the bottom line for us, is we now plan to have this place paid off in 36 months. end result the owner is happy, and so are we.