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Buying Home on Contract...is there more than one way?

homersgarden
15 years ago

I am posting this for a friend of mine who is not familar with this site. Anyway, her and her SO are currently renting a house. The owner has mentioned the possibility of selling to them on contract. Her credit is not that great, but she has a very stable job and will most likely be making a career advancement in the next year or two that would increase her income by about 30-50K.

Her SO has good credit, but is a small business owner and her income fluctuates based on her business.

The owner mentioned so much down and then a balloon payment. I know someone else who is purchasing a house on contract and they are having $200 of their "rent" put towards a down payment per month and will have to be financed within two years. Any advice? Ideas? What other types of contracts do they do?

I told her to look into financing because she may be suprised at what is out there for them, but they do like this house and would be interested in purchasing it.

Thanks!

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