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QUESTION: I am looking for a loan over $2,000,000. I have had a tough time finding anyone to help me with that, and it sounds like I may have to put a whole lot more down.
December 1, 2018
QUESTION: I’m self employed, what are my options for financing a home?
December 1, 2018

QUESTION: I have a property that is on 63 acres and I am having trouble find a good mortgage program?

Family portrait of four standing against lake

Answer:

Many lenders will limit the amount of acres they allow.  Some are 5 acres and some may limit it to 40 acres.  FNMA does not restrict larger acreage properties, but they do require like kind sold properties on the appraisal.  That means there would need to be recently sold properties that are similar to your property in the area.  Lenders who can sell to FNMA directly have more flexibility to make these types of loans.  Another problem that you may be faced with is if any of the property is used for farming or other commercial use and income is being disclosed or used to qualify.  This could restrict FNMA from lending on the property and you may have to look for a commercial or farm loan.  Large out buildings can also create appraisal issues is the comparable properties do not have similar amenities.

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