If you’ve even considered a new home in the past two years, you know how tough the Minneapolis-St. Paul real estate market has been. Inventory is low, prices are up, and lenders are tightening mortgage restrictions even further amidst pandemic and economic uncertainty. If you’ve been unable to get into a home, consider a contract for deed (CD). It may be easier to qualify for CD, among other benefits.
Income Sources to Qualify for a Contract for Deed
Below are the income sources we use to determine whether a potential homebuyer qualifies for a Slow Flip contract for deed. Is your income source not on the list? Contact us to discuss your options!

- Self-employment: Mortgage guidelines require two years of self-employment income. Slow Flip requires some proof of income – usually one year – but doesn’t require an extensive history.
- Ongoing part-time income: Mortgage lenders require two years, but we don’t need that much time.
- Upcoming income: If you’re starting a new job in the near future, or graduating from college with a path toward an income and a career, that is taken into consideration for a CD.
- Household income: Often, spouses aren’t on the mortgage for credit reasons, which means that their income isn’t considered for mortgage qualification purposes. We can take the spouse’s income into consideration, knowing that the credit will likely improve over time. This will the spouse to be on the loan when it converts to a mortgage within 5 years.
- Bank deposit statements: We will look at both business and personal deposits from bank statements over the last six, 12 or 24 months.
If mortgage restrictions have made it difficult to get into a new home, a contract for deed may be a good option! Contact Chad to learn if you qualify.
The Slow Flip contract for deed program helps families in the Twin Cities metro area of Minneapolis, St. Paul and surrounding suburbs purchase a home using a contract for deed, or CD, when a mortgage is not possible. The Slow Flip contract for deed can be an ideal tool to purchase a home when buyers need time to adjust their income, credit, debts or other financial components so they can eventually qualify for a mortgage.
Are you or your clients interested in learning more about the Slow Flip contract for deed? Contact us at 952-417-0000 today.
This is an updated blog post that was originally published in 2020.