Q: My boyfriend and I have been in the market for a small farm with the intention of using the land to raise sheep and ducks for sale and to board horses. We have finally found a property that fits the bill almost perfectly. MLS# 888228
The problem is no one will finance this property. Most FHA loans will not touch a property with a mobile home. Those that will, will not write loans on farms. The same goes for our local credit union. The farm/land bank people have told us they won?t cover it since it is under 10 acres. Another company told us they could loan for 80% of the assessed value of the land and other buildings but not the mobile home. The owner states on the MLS that they are not willing to do owner financing.
Although my boyfriend and I do not have a lot in savings, we do both have very good credit scores, and both of us intend to keep our current jobs. Him full time, me part time. We are working with a Realtor who is trying, but she has not had any more luck than us in finding someone to lend on this property.
I?m hoping you can suggest some avenues that we have not yet perused. Any help would be greatly appreciated.
Thanks!!
?Kaela, New Orleans, LA
A: Kaela, all responses to this question must be followed with a new MAP disclosure required by law. Realtors are not lending specialists and have been put on notice about the degree and type information we provide. You are recommended to contact lenders for their assessment of your qualification and their prescription of which loan product suits your need.
You appear to be well on track and the answers won?t be easy in financing rural farm or recreational property i.e. without substantive down payment as I have experienced with clients.
Larry Simons is a Realtor? with Century 21 Maselle & Associates in Flowood, MS
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Source: http://rock-n-rollrealestateagent.com/how-do-we-get-financing-for-a-farm/
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