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<blockquote data-quote="BTRANCH" data-source="post: 499762" data-attributes="member: 4126"><p>Our land was owner financed with 0% interest. The little old lady said she did not want to charge interest because she would have to pay tax on the interest part and she had already given Uncle Sam all she was going to! (She was 87 years young, gotta love her!)</p><p></p><p>We did the title insurance and went through closing just as if we were doing a bnak loan. Make sure you agree on what the late payment clause is going to be, most give you at least 30-60 days.</p><p></p><p>This worked out great for us also because it did not show that debt on our credit report and our score stayed high. The down side is it is harder to prove timely payments to improve your credit score, if that is important to you...</p></blockquote><p></p>
[QUOTE="BTRANCH, post: 499762, member: 4126"] Our land was owner financed with 0% interest. The little old lady said she did not want to charge interest because she would have to pay tax on the interest part and she had already given Uncle Sam all she was going to! (She was 87 years young, gotta love her!) We did the title insurance and went through closing just as if we were doing a bnak loan. Make sure you agree on what the late payment clause is going to be, most give you at least 30-60 days. This worked out great for us also because it did not show that debt on our credit report and our score stayed high. The down side is it is harder to prove timely payments to improve your credit score, if that is important to you... [/QUOTE]
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