Conventional Does Rural! Here’s How…

Many don’t know this, but it’s possible to use a conventional loan to purchase rural property on acreage.

The key: You have to use a lender that has the program, and knows how to use it!

Here are some highlights for this conventional rural loan program…

1) Only 3% down payment.

2) Up to 417k loan amount.

3) No limit on the amount of acreage. (must be common for area)

4) Property must be located in a rural area with a population of 2,500 or less.

5) Property should be owner occupied, detached single family home.

6) Minimum credit for this program is 680.

7) The value of the home must be at least 35% of the loan amount.

8) No limitations on the distance of the comps for the appraisal!

9) No limitations on the date of sale on the comps for the appraisal!

10) Property cannot be a major farm.

This isn’t the only rural program that I have. There are also USDA and FHA, but both have limitations that this program doesn’t.

If you want to purchase a home in the country – give me a call or shoot me an email. We’ll try to find a way to gitter’ done for you!

That’s it for today!