[mays4]

How many years do you usually finance a 70,000 contract for deed loan? How much should you be required to put down?

[progunr]

There really is not any "usually" in this situation.

Since the owner is also the lender, it is up to the buyer and the owner to find terms that both can agree to, what ever that turns out to be.

Same thing applies to down payment, the owner could ask for $10,000, or nothing, it is entirely up to the buyer and the seller in these cases.

[Fr_Chuck]

Well of couse many do a contract for deed will have it based on a number of years for payment but will have it as a ballon coming due in 5 to 7 years for the balance, Since most people will not want to wait 20 years for all of their money.

But I have never did a contract for deed over 15 years, but then to be honest I have never sold a house on a contract for deed that I did not have to take back within 3 years.

Normally on a contract for deed, the majority ( not all) of the people who buy are doing so because of bad credit or at leats not able to get current credit. So most people who sale on a contact do so, with the idea that they will make most of their money by selling and re-selling the same house several times. Thus the idea for a larger down payment if possible.

10 to 20 percent is normal in most contract for deeds, but then some do it for 500 dollars down also. A lot of the answer is are you the buyer or the seller, the buyer will want the lowest payments and the lowest down payment, the seller should want the largest down payment they can get

[pattijo55]

Fr Chuck... I don't mean to sound mean but I cannot agree w/you on a down payment for a contract house. I can only speak for myself. I've had hard times in the last 10 yrs credit wise. I'm beginning to get back on my feet by paying my bills "religiously" every month. The bad part is, I have all this bad debt behind me. No one would give me a mortgage loan because of my credit rating. (in which I don't blame them) Even though I always paid my rent on time. I am now in a contract for deed situation. She didn't ask for a down payment thank God. Most people who make under $30,000 a yr can't come up with large amts of money for a down paymt. If it wasn't for the home owners who don't ask for any money down, people like me would never be able to buy our own house. Since it says Christianity Expert next to your name I would hope you would ask God to help as many people as possible with problems such as my own.