Sellers Terms: Cash, Contract for Deed, Contract/Deed w/Assumption, Conventional, DVA, FHA
I’m seeing lots more listings like the one above.
If you don’t speak “Realtor,” here’s a quick glossary:
Contract for deed: Buyer makes monthly payments to the Seller, who retains title; title transfers when the last payment is made.
DVA: Department of Veteran Affairs loan. Great terms, zero down — for those who qualify.
FHA: Federal Housing Administration. FHA-insured loans are the source of financing in today’s housing market.
Conventional: a traditional bank-originated mortgage, typically packaged and re-sold to the secondary markets — at least when the amount is less than $417k (called “conforming”) in most parts of the country.