Mortgage For Rural Property on 38 Acres

by Denise Williams from Rural America

Kate, I need a mortgage for rural property on 38 acres. In fact, I have a property purchase agreement for a house in my Father's estate with a $40,000 equity mortgage that is not assumable.

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I need a mortgage before I can submit the purchase and sale agreement. I need the LOWEST monthly payments.

Banks are questioning if it is seasonal, rental, commercial? What is the best way to go?

It is currently vacant, on 38 acres of woods, with a separate garage and a shed. Two buildings were used for rental. I could not rent it out yet, but ASAP. Both buildings need a lot of work. They need separate water and electric as the two buildings are on the same wire/pipe lines.

Last I knew, the water was not working. The electric lines run through trees. The water supply would run out. The last tenants trashed the places so clean and pickup, painting and repair work is needed.

I figure I would want to ask for an extra $10,000 to help with expenses and I will probably have to pay for all the closing costs, deed and survey and such.

I guess a 30-40 year mortgage, fixed or variable? I guess that would change the amount of points/down payment? I am living on alimony but have no loans/mortgages, only bills to run my current home.

Kate Answers: Mortgage For Rural Property on 38 Acres

Hi Denise, Thank you for contacting Get-Your-Best-Mortgage-Rate. Click here to view the answer to your question. I hope you enjoy these helpful tips for getting a mortgage for a rural property on 38 acres.

Best Wishes,