The deal was simple on the surface: Elias and Sarah would pay Arthur a $15,000 down payment—every cent of their savings—and then pay him $1,800 a month for seven years. This included a 6% interest rate, which was higher than the banks, but for them, it was the only game in town.
The catch? Arthur kept the to the house. Elias and Sarah held "equitable title," meaning they had the right to live there and build equity, but until that very last payment was made, the house was technically still Arthur’s. The Honeymoon Phase buying a home on contract
They had spent three years chasing the traditional American dream. They had the steady jobs—he was a master carpenter, she managed a local clinic—but they also had a mountain of student debt and a "thin" credit file that made bank loan officers look at them like they were asking for a trip to Mars. Every time they saved ten thousand dollars, the market seemed to jump by twenty. The deal was simple on the surface: Elias