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Christina Simmons

Christina Simmons
Realty Associates
The Woodlands, TX 77380

713-269-9235
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Land Contract

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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Christina Simmons
Realty Associates

26119 I-45 #210
The Woodlands, TX 77380
Phone: 713-269-9235
Fax: 866-423-3747
Email: christina@christinasellshouston.com

Testimonials

Christina Simmons is a phenomenal realtor and very knowledgeable in Real Estate. Christina provided the utmost Real Estate service when I was purchasing a home. Christina has the best interest for her clients. She provided me with information on local schools and daycare which was a great help  when deciding on a location to purchase a home. Christina has always been available to answer any questions or concerns before and after purchasing a home. Christina Simmons has top quality customer service and I am thankful to have had her as my realtor. I will highly recommend Christina for any Real Estate services. shaffer jackie1
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