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Home ownership is such an important consideration for us all, that many have called this “the American dream.” A considerable amount of effort is spent planning how we will get to that position, as we aspire to home ownership so much. They say that the purchase of a home is one of the most significant events in our lives and it is certainly true that the amount of funding that we need to purchase, maintain and run our home represents a big part of our earnings potential.

You have to be very persistent and put a lot of effort into owning a home. For very many people it requires the establishment of a good credit rating, which is a product of good stewardship, good planning but often also of good luck. No matter what we do, unfortunately, circumstances may come together to badly affect a credit rating. For example, you may be stricken with major health problems that may or may not be covered under an existing health insurance policy. More widely problematic, however, are the problems caused by national or worldwide economic downturns, that can almost instantaneously destroy the good work of 10 years or more. Does this mean that circumstances beyond your control dictate whether you can accomplish your dream of owning your own home? Surely it is not possible to achieve this now, as buying a home with poor credit seems almost unheard-of in our society.

Many people have learned the hard way that what they have worked diligently for over a considerable period of time is not necessarily safe. The economic recession may have stripped you or your family of any means of income, as downsizing or corporate closures may have eliminated your job. Monthly housing costs may have seemed very attainable at one time, but your mortgage may now seem almost impossible to meet and banks are very coldhearted when it comes to foreclosing on your dream home and leaving you in the lurch.

It doesn’t seem a coincidence anymore that the word “bank” is a four letter word and many people think that approaching these institutions is a waste of their time, especially when they’re thinking about buying a house with poor credit. You may have an option, though. Have you ever heard of land contracts? These are likely to be available in your area of Michigan, whether you’re in Wayne County, Oakland County, in Metro Detroit or in Grosse Pointe.

Land contracts are truly amazing options for first time home buyers with bad credit. This is a private financing option where you buy your home from somebody else and enter into a contract with the seller over a set period of time, establishing equity ownership until the end of the contract, when you receive the title deed. Terms can be very flexible and you do not need to have the kind of credit rating that the banks now insist on. The whole process can be negotiated, from the amount that you pay to the length of the contract. If you are entering this arena for the first time, or trying to replace a home that you have lost due to foreclosure or other circumstances, a land contract may well represent the solution that you have been dreaming about and looking for in every location.