Limited to 20 years and 8% APR interest.
I bought my first home on a land contract when I was 16 yrs old. Try getting a bank loan at 16, or even 18, with no credit history or cosigner!
Closing costs? About $50 plus whatever they want as a down-payment.
This is a very dumb bill that will truly screw over young first-time home buyers.
No, it'll screw a lot of people, in every socio-economic-generational group. As banks keep on hoarding money and not lending any, and as interest rates rise back to early 80's levels (15%+ is coming), owner financing will become the most probable way two people, a seller and a buyer, can transact business.
“This is a very dumb bill that will truly screw over young first-time home buyers. “
its more than that, its a bill that seeks to define the terms under which a person can sell their private property. Further erosion on the value of contracts.