To qualify for an FHA-backed mortgage, you’ll need a credit score of at least 580, though minimum score requirements will vary by lender.
Now contract for deed homes you can purchase with almost any credit. Some sellers may be sticklers on this but not many. Usually you can find a home with a Bankruptcy-Foreclosure-Child support on your credit.
We have done alot of them and will continue to do alot more.
The terms on most contract for deeds in Minnesota and Western Wisconsin are.
- 10% down of the sale price of the house.
- Rates are negotiable but usually 5-7% amortized over 30 years
- Balloon in 3-5 years.
Minnesota homes contract for deed can be tricky call us we work with contract for deeds daily.
I have been in business for over 20 years.