Did you know we do loans for Rural Hobby Farm / Ranch loans?
Here are some of the guidelines for this program…
-Single-family, owner-occupied, detached primary residence located on the property.
-Must be located in a rural area or municipality of 2,500 population or less.
-Maximum loan-to-value of 97% with a maximum loan amount of $417,000.
-Dwelling value may not exceed $269,807.
-Private mortgage insurance required with loan-to-value greater than 80%.
-Typical contributory value of the dwelling should represent a minimum of 35% of the loan amount.
-Minimal farm income generated from the property allowed (no more than 25% of gross income). However, no farm income is required.
-As-is value of the outbuildings must not exceed 20% of the appraised value.
-Acreage must be typical as supported by comps and property must be residential in nature.
-Must be located in a rural area or municipality of 2,500 population or less.
-Maximum loan-to-value of 97% with a maximum loan amount of $417,000.
-Dwelling value may not exceed $269,807.
-Private mortgage insurance required with loan-to-value greater than 80%.
-Typical contributory value of the dwelling should represent a minimum of 35% of the loan amount.
-Minimal farm income generated from the property allowed (no more than 25% of gross income). However, no farm income is required.
-As-is value of the outbuildings must not exceed 20% of the appraised value.
-Acreage must be typical as supported by comps and property must be residential in nature.
If you are considering purchasing rural property give me a call or shoot me an email!
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
No comments:
Post a Comment