Private Money Lenders - Rural Properties

Private money lenders and local community banks can often be your best source of money for buying rural properties.

Buying Rural Properties

In fact, just yesterday I was asked how to get a mortgage for a rural property on 38 acres greatly in need of major repairs.

Now right off I can tell you this rural property doesn't sound like a candidate for a conventional mortgage. I also doubt it's going to pass FHA appraisal guidelines.

Local Community Banks Or Online Mortgage Lenders

So like I said, I'd begin looking for the best mortgage lenders locally. Here's why.

Local community banks understand the terrain and can give you more concrete answers for tricky situations. Imagine asking online mortgage lenders specializing in big cities whether or not they required running water to loan on a property!

In addition to local community banks are private money lenders. Specializing in hard to finance properties, they have more leeway with properties in need of repairs.

Mortgage Affordability And Mortgage Pre Approval

But before you address the property issues, take these three steps first.

1. Know your upper limits. Start off on the right foot by determining mortgage affordability.
2. Get your ducks in a row. Use my free Mortgage Information Planner to organize your paperwork.
3. Contact a couple of small banks to begin the process of mortgage pre approval.

Private Money Lenders And Local Credit Unions

What is your next step if the local community banks still sigh when they see you? Time for more leg work, also known as extending your feelers.

While you are still at the bank, ask the representative for another course of action. The best mortgage lenders network with each other so small community banks can be a convenient source of referrals.

Inquire specifically into private money lenders, local credit unions and real estate appraisers specializing in rural properties.

Call each of them to see where it leads. There's no getting around it, this will take some old fashioned legwork. But if you are able to buy the rural property, the work entailed will be worth the effort.

If you are enjoying Private Money Lenders, you will love my answers to private mortgage financing questions asked by another Visitor to this website.

Unique Home Buying Information

Now that you know about private money lenders and rural properties, go to Low Down Payment Mortgage to solve the down payment dilemma.

You Can Ask Kate Too

What if you could ask a mortgage insider about buying a house and private money lenders? Now you can!

Ask Kate™ is specifically designed to answer your questions and create dialog regarding real estate and mortgage financing.

You'll also find a wealth of information at Kate's Best Mortgage Rate Blog packed with the latest additions to this website, interest rate updates and a fresh approach to real estate and mortgages.

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