A Faster New Way to Get a New Home
CROWCREEK Homes is excited to offer the option to “contract for deed” on any of our completed, brand-new homes!
Contract for deed has numerous benefits for you as a buyer, including:
- Ability to move in to your new home faster than you would with a traditional mortgage process
- A smaller down payment than traditional home loans require
- Opportunity to wait for interest rates to become more competitive before you finalize your purchase
- Being able to take out a home loan that’s significantly more affordable by the time you’re ready to secure permanent financing
What is contract for deed?
Also known as an “installment purchase contract” or “installment sale agreement,” contract for deed gives you a longer timeline to secure permanent financing on the purchase of your home.
Once approved, you’ll be able to move into your new home right away and begin making monthly payments, with the understanding (and contractual agreement) that you secure permanent financing within a specified timeline.
How does contract for deed work?
To be eligible for a contract for deed, you must have a credit score of 700+, and provide proof of income and employment for 6+ months.
After you’ve been deemed creditworthy and are approved to start the process, we’ll work with you to establish:
- Final purchase price of your CROWCREEK home
- Down payment (starting at $20,000, and credits toward the principal of your final purchase price)
- Interest rate
- Monthly payment (the principal portion of which credits toward your final purchase price)
- Length of your contract (maximum of 2 years)
- Date by which you must secure permanent financing
We’ll go through every step and detail of the contract together, ensuring you have all your questions answered and that all expectations—on your side and ours—are clearly outlined and understood.
As the seller, CROWCREEK Homes will retain your home’s title until your final payment has been made and you have secured permanent financing.
What happens when my contract ends?
When we set up your contract for deed together, we’ll specify the date by which you need to secure permanent financing.
Best of all, all equity in the home (from your down payment and monthly payments) is yours.
Once your mortgage goes through: Congratulations! You officially own your home.
Ask about a contract for deed on any completed CROWCREEK home below:
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