Take me back, COUNTRY HOME!

By
Mortgage and Lending NMLS #94045

HOT RURAL NEWS: New Country Home Loans for Hobby Farms: To date, the upside down value of land to homes in our area (due to high land values) have made funding a small hobby farm or home on acreage prohibitive. The rural, laid back beauty of our region has drawn many folks here for their 'patch of green' to grow a few apples or lavenders or just elbow room and a few horses. We've been hard pressed to find lenders for properties over 5 acres. At last we have some new options for home owners who intend to use their land for appropriate uses in rural zoned areas. The lenders we are dealing with are offering make sense underwriting. Naturally full doc and solid credit. This is very exciting news!

   program 

 highlights

   Country Home Loans 

Owner occupied homes, mixed use and bare land

   Serving   

Rural homeowners outside of urban areas

   Maximum Mortgage  

$ 5,000,000

   85 % Loan Terms

15% down with NO Mortgage Insurance required

   Documentation 

Full  documentation of income and assets. 

   Property Types 

Existing & future home sites, manufactured homes

 

Includes farming, equine properties, hobby farms 

  

Properties that have land use potential, not small lots

   Features 

Rural properties with potential to fund 'unique' homes and homes worth 30% of total property value, includes manufactured homes and mixed uses.

   Debt to Income

47.5% allowed-higher than government programs

   Qualifications

Portfolio -- underwriting manually, full doc

Terms and rates vary by credit risk, eligibility, location, and property type/use. Very competitive with residential rates. The minimum 15% down is great considering NO Mortgage Insurance is required.

Unlike USDA loans--also popular in our area--there is no ceiling on income or limits to business use as long as it's a legal zoned use for the land. It's very much a case by case underwriting decision.

Pass it on!

Loannetter

 

 

susan templeton
mortgage planner
www.loannetter.com

 

 
510-LO-31434   

510-MB-24707-50145    An approved Conventional, FHA/VA/USRDA and Reverse Mortgage Broker

   © Copyright 2009  Loannetter 

Posted by

 

 

SUSAN TEMPLETON IS A LICENSED LOAN ADVISER IN WASHINGTON

NMLS# 94045

                 

 

Interest rates and products are subject to change without notice and may or may not be available at the time of loan commitment or lock-in. Borrowers must qualify at closing for all benefits. Loannetter is a private brand owned and copyrighted by Susan Templeton.

 

 © 2005-2015 susan templeton copyright

 

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Topic:
Mortgage / Finance
Location:
Washington Whatcom County Lynden
Groups:
Mortgages
Investors
Posts to Localism
Construction
Built Green Certified Agents
Tags:
country loans
country homes
rural loans
usda loans 100 financing
whatcom country loan
skagit country loan

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Rainer
29,656
Jay Williams
Greenville, NC - Greenville, NC
Mortgage Loan Officer - Getting You The Right Loan

Susan, interesting niche loan product. I've not seen one like this. I noticed it was a portfolio product.

Good luck with this.

Jay

Apr 12, 2009 12:24 AM #1
Rainmaker
66,965
Susan Templeton
Bellingham, WA

Hi Jay, Yes we are pretty excited about this. So many folks in our area have larger acreage and small hobby farms....it's a great program coupled with USDA programs for serious farming operations.

Cheers, Susan

Apr 12, 2009 12:56 PM #2
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Rainmaker
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Susan Templeton

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