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Cane Heritage Realty
560 Front Street
Natchitoches, LA 71457
Phone: 318 357-8220

caneheritage@suddenlinkmail.com

Licensed in Louisiana

Thank you for visiting today!  If this is your first visit, take your time and look around.  Our site contains a lot of valuable information and resources for you to take advantage of.  If you are a return visitor, welcome back!  For assistance, please call or email us anytime.  Our team of Natchitoches real estate experts will provide you with the best service and results. 

 

LINKS

 Natchitoches Online

 Natchitoches.net

 City of Natchitoches

 Natchitoches Chamber of Commerce

 Northwestern State University

 Retire Natchitoches

 Realtor.com

 GreatLouisana.com

 HomeGain.com

natchitoches-realestate.com

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Land Contract

An alternative to a non-conforming loan is the use of a land contract, which is allowed in some states. A land contract is an agreement between a buyer and a seller, where the buyer agrees to make periodic payments to the seller. The title to the property only transfers to the land contract buyer on fulfillment of the land contract obligations.

A land contract can be helpful for those who need time to establish or improve their credit rating. There are only small closing costs, and payment can help establish a good mortgage payment record. This can help establish an overall good credit rating, and it is possible for the buyer to later refinance the land contract with a conforming loan.

On the other hand, there are risks associated with land contracts. Land contract purchases are not necessarily recorded in the public record, and there are no guarantees that the seller will be able to transfer a clear title to the buyer upon fulfillment of the land contract. There also is no lender assuring that the purchase price for the property is justified, and no inspection of the property’s condition.

Another alternative to a non-conforming loan is assuming the seller’s mortgage. By assuming a mortgage, if the mortgage is assumable, it is possible to save on closing costs, and may allow you to obtain a favorable interest rate.

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