Another Option To Buy A House On Acreage…

Both FHA and USDA are widely used loan programs for homes in the country.

…but sometimes these programs aren’t the best fit for homes in the country. Each one has limitations that may not be the best match for the home you like.

I wanted to give you an alternative program to consider for country homes that many are unaware even exists…

We offer a conventional loan program that is specifically used for rural property.

Here are some highlights…

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.

If you want to purchase a home in the country – give me a call or shoot me an email.

We’ll see which program matches the property you want to buy!

That’s it for today!

Have a good day today!  …and thanks for reading.