---

loan for rural home on 80 acres?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
4yourfreedom Joined: 05 Feb 2011 Posts: 1 1.33 Dollars($)	Posted: Sat Feb 05, 2011 3:39 pm    Post subject: loan for rural home on 80 acres? Like 0 Dislike 0 We have purchase agreement to buy 80 acres with '82 dw manufactured home (in good condition), garage and two barns/shops. We are putting 55% down and now lender says home must appraise for min $50,000. Appraisal shows 73,000+ for home, 60,000 for barns, 28,000 for garage. However, she says they will take depreciated value for home, which must be at least $50,000. Otherwise we will have to go with shorter term and higher interest rate. Somehow this seems quite unfair. We have fico of 850+ and no other debt. What are our alternatives? Thank you,
Niicss Joined: 03 Oct 2005 Posts: 4834 Location: New Jersey 508.88 Dollars($)	Posted: Mon Feb 07, 2011 3:17 am    Post subject: Like 0 Dislike 0 You should go for a second appraisal and find out the value of the property. If the property appraises for a minimum of $50,000, then you'll be able to get a mortgage. _________________ Good is the Enemy of Great.

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0