Interest rates on traditional mortgages are at a lifetime low. The fact that you are asking about a land contract is a signal that you canâ€™t qualify for a mortgage from a lender. Any attempt you make to work around the system dramatically increases your risk, sometimes to the point of hitting a zero chance of success. Make sure you protect yourself, get an appraisal, a title report and title insurance if possible (depends on the contract if this is available). Make sure the seller doesnâ€™t have a mortgage that contains a due-on-sale clause or you both could lose.
Basically, learn as much as you can about what you are trying to do. I linked some info below regarding lease options and rent to own, the people seeking those are trying to do the same thing you are, just a different path. The info pertaining to them may protect you as well, good luck,
NMLS # 6395
Financing Kentucky One Home at a Time.