How does selling a house on a land contract affect your ability to buy another house?
I’ve been trying to sell my house for 6 months with very little success. I was recently approached by someone about the possibility of purchasing my house via a land contract. How would that affect my ability to purchase a new home? Would I even be able to secure another mortgage considering I would essentially still have the mortgage on the current house?
Tags: land contract, mortgage
August 18th, 2011 at 10:00 am
You would have to qualify with both payments & most people don’t.