What is the difference between these seller financing terms?

[Philip Njapa]

Hello all,

What is the difference between these non-conforming loans: installment land contract, contract for a deed, and purchase money mortgage? From my understanding the purchase money mortgage is a mortgage, meaning it still involves one’s credit history and a third party lender, the land installment contract involves no lender and offers the title, the contract for deed involves not no lender, but offers an equitable title until the lien is paid off.

Thanks