You may or amy not be paying the same Interest Rate.
You may or may not have the same terms and jeopardies.
You probably will not have the Credit reported to the Bureaus with a Land Contract.
A Land Contract can be a real CAVIAT EMPTOR for you.
Good luck and may God bless
There are first time buyer program available for you to look at online and you will find all the info you need to qualify.
For people who can't qualify for conventional loans or mortgages, its a good option, it even helps to repair their credit unless they abuse it.
Here's the thing about a "land contract" - the seller keeps title to the property.
If the seller has an underlying mortgage, you have to rely on their honesty and integrity of keeping up the payments. If they get foreclosed on, you are going to have to sue your seller in court, and they might not have anything to give you. So you will have essentially been paying rent, rather than buying a home.
Also, almost always - I want to say, every single time, but let's say, "almost always" - the buyer overpays for the property with some combination of a higher sales price and/or higher interest rate.
So, there you go. If the Seller owns the property free and clear, if the price and terms are right, then this could work - but if that's the case, why wouldn't the Seller give you a note and deed of trust, rather than a real estate contract?
I've been in the business for a long time, Jennifer, and I wouldn't do it.
All the best,