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 look at you with a sigh? 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.

First Time Home Buyer Credit

Now finish getting ready to buy a house by learning about the first time home buyer credit.

Valuable Resources For Home Buyers - Meet Your Dream Team

How To Buy A House - Part 1 Meet your real estate agent

How To Buy A House - Part 2 Meet your mortgage lender

How To Get A Mortgage - Part 3 Meet your home inspector

How To Get A Mortgage - Part 4 Meet your real estate appraiser

How To Get A Mortgage - Part 5 Meet your title insurance companies

How To Get A Mortgage - Part 6 Meet your homeowners insurance agent

How To Get A Mortgage - Part 7 Meet your escrow and HUD 1 statement

Unique Home Buying Information You Can Use

Make your home buying a snap with the Home Buying Scorecard.

Do you know this about Fixer Upper Houses? Toilets determine the age of a house and other tips.

Private Money Lenders - Rural properties need the special consideration of private money lenders.

Low Down Payment Mortgage - The dilemma of a low down payment.

Start your wealth building now by buying a foreclosed home.

The First Time Home Buyer Credit could be yours even if you have previously owned a home.

Learn the differences between Residential Construction Loans - Mortgages designed for building homes.

When private mortgage financing originates between family members, property tax and mortgage interest deductions frequently come into question.

First Time Home Buyer Advice - You decided to buy a house! What's next?

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

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