Homestead mailing list

["Lisa K.V. Perry" <lisakvperry AT gmail.com>]

On Fri, Mar 21, 2008 at 8:45 PM, <paxamicus AT earthlink.net> wrote:

>
> I think there would have to BE sales to get comps. Ha. You and I know
> there's no way to comp that thing out.


That was my thought. This home would be a real test of whether or not a
lender wanted to make a mortgage loan to people w/ good credit. They should,
but this is not your average home. Since it was 50+ acres, my guess is you'd
have to use Farm Credit. Possibly a local bank that doesn't sell the
loans--one that keeps all of them in house. My last year in the mortgage
business several lenders quit doing loans for any home on more than 5 acres.
In my county that was 50% of what walked in the door.

Handrails would be required by the Appraiser and thus a requirement by the
Underwriter before the loan could be closed.

If you can swing a cash deal or 'creative financing' you'd have no problems
at all.

Lisa