The thing is that many land agreements have actually a necessity that your home is refinanced within three to five years.
Let’s simply take a step right right back for the second though.
What exactly is a land agreement?
A land contract (or agreement for deed) is just a personal loan between the customer and vendor. The vendor will act as the mortgage company. So rather than the customer likely to ABC Mortgage business, they have personal funding through the vendor. The seller funds the transaction and accepts payments from the buyer for the duration of the loan in which case.
Borrowers look for virginia homes on land agreement they have unique circumstances because they know. Continue reading “Specifically for folks in unique situations who don’t satisfy lending that is traditional, purchasing a residence on land agreement can frequently be a good replacement for renting.”