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If you examine the current state of the economy and listen to those many experts on television, you will see that our entire economy seems to revolve around the housing market. These specialists all tell us that our major recession was spurred by the big downturn in the housing market and we have now put ourselves into an impossible spot, almost like a “catch 22,” where nobody seems able to move forward.

Huge numbers of people have been adversely effected by the terrible recession, with savings decimated and/or credit scores rapidly heading south. Many banks have been left with egg on their corporate faces and are now very reluctant to do business with anyone, seemingly almost afraid of their own shadows. This Catch-22 situation evolves as bankers will not sell mortgages to people without massive deposits or with exceptional credit scores and would-be homeowners cannot get the ball rolling by attracting sufficient funds to buy the home in the first place.

It would seem to many that conventional mortgage lenders have now placed the bar at far too high a position, maybe in some cases as a knee-jerk reaction to the recession itself. How can it be possible for a consumer to succeed when buying a home with poor credit in these circumstances and situations? Few people have credit scores above 700 anymore, so it seems and we can see evidence of this as lenders are simply not entering into any contracts. Even though property values have dramatically declined, your credit score may still disqualify you from taking any action.

These days, buying a house with poor credit may well be possible if you enter into a direct agreement with the seller. This may sound like a simplistic option to you, as we have been brainwashed into the notion that we need complex procedures and institutions to help us buy a home. To find out for yourself, seek out a seller who is offering a land contract, especially if you’re looking to buy in southeast Michigan or in the Metro Detroit area.

A land contract usually takes about half as much time as a conventional mortgage might take to set up, and it can be perfect for first time home buyers with bad credit. The seller will pay those horrible “closing costs” and you might only need to agree the amount that you can pay each month, the total amount and the contract period. It’s very important to use the professional services offered by those who know what they’re talking about, to ensure that you have a legally binding contract, everything is fair and that buying a house with poor credit is no longer out of your reach.

Due to the additional complications facing the auto industry, Michigan has been one of the worst hit states during this barbarous recession. Make sure that you set up your land contract correctly, with no loose ends and benefit from the joy of owning your own home in this beautiful state. Won’t it be great to be able to turn your back on those conventional mortgage lenders, many of which who may have caused you no end of frustration by not being willing to meet you half way?