Florida Agreement to Purchase Condominium with Purchase Money Mortgage Financing by Seller, and Subject to Existing Mortgage
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FAQ
Cons Usually charges a higher interest rate compared to a traditional mortgage. Typically required a balloon payment at the end of the loan term. Sellers may not agree to this arrangement if the buyer has poor credit. A due-on-sale clause may prevent the seller from entering this type of arrangement.
As a type of specialty home financing, a land contract is similar to a mortgage. However, rather than borrowing money from a lender or bank to buy real estate, the buyer makes payments to the real estate owner, or seller, until the purchase price is paid in full.
A purchase-money mortgage is a mortgage issued to the borrower by the seller of a home as part of the purchase transaction. Also known as a seller or owner financing, this is usually done in situations where the buyer cannot qualify for a mortgage through traditional lending channels.
To create a purchase money mortgage the transaction must meet two requirements. First the money supplied by the lender must be applied to the purchase of the property. Second, the borrower must take title and execute the mortgage simultaneously.
The main differences between a purchase-money mortgage and a mortgage from a bank are the qualifying requirements and who holds the deed. In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.
Sometimes, a person buying real property gives the seller a mortgage on the property as part of the deal to buy the property. This is called a purchase money mortgage, because this type of mortgage usually replaces part or all of the cash that the buyer would otherwise pay the seller.
In a traditional mortgage, the bank holds the deed. With a purchase-money mortgage, the seller holds the deed.
Purchase-Money Mortgage Benefits for Buyers Buyers may choose from payment options such as interest-only, fixed-rate amortization, less-than-interest or a balloon payment. Payments may mix or match, and interest rates may periodically adjust or remain constant, depending on a borrower's needs and seller's discretion.