Mortgage Sources - Farm and Rural Home Loans

By
Services for Real Estate Pros with Financial Education Services

Here is updated information on our Farm loan's and Rural home loans. This loans are available in all 50 states.

Rural Home Loans

  • $150,000.00 minimum loan amount
  • No Maximum loan amount
  • 97% Loan to Value on Purchase
  • Refi to 90% of appraised value
  • There is no limit on the number of acres but the house must be worth 50% or more of the loan amount
  • Primary Residence only
  • Standard residential mortgage documents and credit underwriting criteria used. Credit Scores over 580
  • Complete loan without leaving your home

 

Hobby Farm Loans

  • $200,000.00 minimum loan amount
  • No Maximum loan amount
  • 85% Loan to Value on Purchase
  • Refi to 75% of appraised value
  • There is no limit on the number of acres but the house must be worth 25% or more of the loan amount
  • Primary Residence or Second Home only
  • Standard residential mortgage documents and credit underwriting criteria used. Credit Scores over 600
  • Complete loan without leaving your home

 

Bare Land Loans or Lot Loans

The rural land site loan is designed for people who wish to finance an unimproved property on which they intend to build a primary or second home within the next 10 years. Limited agricultural activity can occur on the property, but no intensive farming or confined animal facilities are permitted. Loan proceeds can be for any purpose including construction of a house on the property.

 

  • Up to 85% LTV for rural land site acreage, generally 10 to 160 acres.
  • Minimum credit score of 620.
  • Borrower will state intent to build a single family personal residence on the property within 10 years.
  • Full doc-income must be verified from pay stubs and/or tax returns.
  • Loan amounts from $100,000.00 to $2 mil
  • Cash out for any purpose up to $100,000.00
  • Unlimited cash out to improve the property
  • 10year fixed rate with 10 year amortization, or 5 or 10 year balloons amortized over 30 years
  • No pre payment penalty
  • Agricultural or rural residential zoning preferred; other zoning with UW exception
  • No real estate development projects allowed
  • Purchase or refi allowed

For more information please contact

Mark Bustamonte
Certified Mortgage Planning Specialist
Mortgage Sources corp
http://www.mtgplanning.com/
markb@mtgplanning.com

866-840-2240 Toll Free

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Tags:
missouri
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rural housing loans

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Rainer
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Amy Anthony-Coile
WR Starkey -Classic City Team - Athens, GA

I am a small broker in Athens, Georgia who had a loan with SouthStar Funding.  It just closed and I had a loan in my pipeline that I can not seem to place now.  It was a 647 credit score no income, rent free, verified asset 90% rate term refi from construction loan- w-2 employee but i cant state income- b/c it would be over stated- so no income/no ratio is best route.  primary residence- think you may have a place for this? Let me know.  Any help is appreciated.

 

Amy

Apr 07, 2007 02:18 PM #1
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Rainmaker
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Mark Bustamonte

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