Loan on property under 25 acres

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Icon Mini Profile tmccue





Joined: 21 Sep 2009

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Post Posted: Mon Sep 21, 2009 9:29 am    Post subject: Loan on property under 25 acres
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I am a mortgage broker for farm loans (over 25 acres)
We get a lot of requests in for mortgages on properties under 25 acres. Mostly over 5 / 10 acres but under 25 acres. Does anyone know of a lender who would like to look at these loans?
Icon Mini Profile jenkin7





Joined: 04 Jun 2007

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Location: Hawaii
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Post Posted: Tue Sep 22, 2009 1:59 am    Post subject:
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Hi tmccue,

There are a number of lenders in this community. I think it will be a good idea to go for a no-obligation free mortgage consultation with them and check out if any of them can offer mortgages on properties under 25 acres. Different lenders follow different underwriting criteria. There could be someone in this community who might offer such loans and help the property owners with less than 25 acres with a mortgage.
Olympia Fields

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Post Posted: Mon May 30, 2011 7:34 pm    Post subject: VA 100% financed loans on homes over 5 acres in Kentucky
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I have heard that the VA will not float a loan on a home that sits on over 5 acres. Is this true? We cannot qualify for a rural loan, because we are over the income limit. Thanks.

[Email address deleted as per forum rules. Thanks.]
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

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Location: Nevada
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Post Posted: Mon May 30, 2011 8:55 pm    Post subject:
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Hi Olympia,

As far as I know, VA has a maximum loan limit per county. That will determine the laws regarding the size of the land. You can check out the given page for more information about VA loans: "www.benefits.va.gov/homeloans/docs/vap_26-4_online_version.pdf"

Thanks
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