Private Money Lenders - Rural Properties

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


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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.

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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

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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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Learn MORE About Your Dream Team

How To Buy A House Part 1 Meet your real estate agent and save yourself heartache and headache.

How To Buy A House Part 2 Meet your mortgage lender - Discover why closing loans requires more than quoting the lowest rate or taking an application.

How To Get A Mortgage Part 3 Meet your home inspector and avoid buying a money pit. It's THAT simple!

How To Get A Mortgage Part 4 Meet your real estate appraiser - Don't fall into the trap of thinking the appraisal assures you of a good deal.

How To Get A Mortgage Part 5 Meet your title insurance companies for little known coverage resulting in peace of mind.

How To Get A Mortgage Part 6 Meet your homeowners insurance agent because there is more to getting insurance than the cheapest quote.

How To Get A Mortgage Part 7 Meet your escrow and HUD 1 statement - Find out why escrow is the guardian of your real estate transactions.

Stories From Home Buyers - Meet Kate's home buying visitors who tell their stories and give advice for buying a house.

Ask Kate About Home Buying - Ask a question to get an answer from Kate.

How To Buy A House Q and A - A complete collection of questions about home buying, each with a individual answer from Kate






Private Money Lenders -- Avoid hearing the sigh of banks. Use local private money lenders to finance rural properties!