An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.
A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan.
On the other hand, there are risks associated with land contracts. Land contract purchases are not necessarily recorded in the public record, and there are no guarantees that the seller will be able to transfer a clear title to the buyer upon fulfillment of the land contract. There also is no lender assuring that the purchase price for the property is justified, and no inspection of the property’s condition.
Another alternative to a non-conforming loan is assuming the seller’s mortgage. By assuming a mortgage, if the mortgage is assumable, it is possible to save on closing costs, and may allow you to obtain a favorable interest rate.
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Angie provided great assistance in the listing price, notification of issues and provided options to resolve. She attended the closing at the title agency - which I have never had a realtor do in other closings and it turned out to be helpful. Her appraisal certification was helpful in providing valuation of two properties in my father's estate so I could provide to accountant.
There are no words to describe how helpful and amazing Darlene is! She responds any time night and day (even when I email her in the middle of the night) and all responses are within the hour.
She takes the stress out of house buying.. Not only is she friendly, funny and informative she seems as if she cares. She lets you pick out homes and tells you if they are good for you.
While I was looking she sent me plenty of homes to choose from in my price range. The great thing was she didn't try and do it for only the money.. Never showed me a house outside of price range.
She is very understanding and helpful. I will HIGHLY recommend her to anyone that is trying to buy a home