The Daily Money: Trying to finance a home? Tread carefully when considering land contracts.

Homebuyers trying to buy cheaper houses have struggled during the pandemic. Many are turning to an alternative form of financing: land contracts. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW   Thursday, August 18 Whew. The weekend is just around the corner. It's Charisse Jones with your Daily Money headlines for Thursday.  Summer's winding down, but some people are still planning a Labor Day getaway. If you're headed abroad, you might want to know which country's passport has the most juice. Henley & Partners has got you covered. The citizenship advisory firm has released its passport rankings, and if you thought the U.S. was number 1, you'd be wrong.  The U.S. is however in the top ten. That matters since travelers who hold weaker passports are more likely to have to apply for visas in advance to visit various countries, a process that is costly and frankly, a bit of a slog.  What is a land contract? Homebuyers trying to buy a property at the lower end of the price scale have had a difficult time during the pandemic. Fewer starter homes are being built, and getting a conventional mortgage has become tougher. In 2019, just 23% of homes selling for less than $100,000 were bought with a mortgage.  Now, many buyers are turning an alternative form of financing called land contracts. But buyer beware. These arrangements, where the buyer pays the seller directly over a period of 30 or 40 years, can be highly predatory.  📰 More stories you shouldn't miss 📰 Too Soon? Christmas isn't far off. And inflation could affect holiday shopping. Your ride will cost you. Owning and maintaining a car has gotten more expensive, with costs rising 11% on average since last year.  Worried about bored kids on that Labor Day trip? Here are 7 vacation spots your kids will love. About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Follow Charisse Jones on Twitter: @charissejones  Few shortages this holiday, but inflation means more low-cost items Back-to-school shopping is over, but holiday shopping's just starting. Shelves should be fuller but mostly with lower-priced items as inflation bites. Want a new car? Ownership costs have soared 11% in a year. Is homeownership through a land contract worth the risk? How they... Safer baby swings to replace your recalled MamaRoo Wingstop locations tied to Rick Ross fined $114,000 for labor... Dodge announces compact, plug-in hybrid Hornet SUV: See the photos Music fans are furious about ticket prices. Here's how to fight back. Social Security checks could see additional $1,800 in 2023, on average As companies lay off workers, is it time for Medicare for All? We tasted the new Girl Scout Cookie, Raspberry Rally. What you should...   Problem viewing email? View in browser Unsubscribe • Manage Newsletters • Terms of Service • Privacy Policy/Your California Privacy Rights • Privacy Notice • Do Not Sell My Info/Cookie Policy • Feedback © 2022 USA TODAY, a division of Gannett Satellite Information Network, LLC. 7950 Jones Branch Drive, McLean, VA 22102