Real Estate Agent

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Philip Njapa
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What is the difference between these seller financing terms?

Posted Jan 25 2022, 12:08

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


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