| Author |
Previous Topic | Next Topic |
|
closer31
273 Posts |
 Posted - 04/01/2008 : 5:58:36 PM
|
I have a client who is in KY and she has a house which is residential and is not a farm. She does not have a farm, I repeat! The LTV is so low it would be like $300k on a property worth $900k. She has 21 acres but what she does for a business is that she has show horses....again only SHOW horses and I already have this file appraised. Her CPA will verify it is show horses and her business address is her home address as that is what she does. Her building itself is separate and the value would be still there if we didn't count the land and only the building.
Please let me know what to do about this as it has had me very confused as I haven't had to deal with a situation like this. Thanks! |
|
closer31
273 Posts |
Posted - 04/01/2008 : 6:24:48 PM
|
| .. |
|
|
Jim Graner
62 Posts |
Posted - 04/02/2008 : 03:38:52 AM
|
Fannie and Freddie do not allow a division of the real estate for valuation purposes. In the past we had house plus five acre appraisal reports being requested by several portfolio lenders, however you know better than I do what happened to portfolio lending.
What you describe does sould like an agricultural property, even if it is not a horse farm.
I think your keys words are house and five acres, then appraisal report can have a hypothetical condition (contrary to the truth) the additional acreage and outbuilding(s) are not there. Appraisers call this the five acre appraisal.
quote:
Originally posted by closer31
I have a client who is in KY and she has a house which is residential and is not a farm. She does not have a farm, I repeat! The LTV is so low it would be like $300k on a property worth $900k. She has 21 acres but what she does for a business is that she has show horses....again only SHOW horses and I already have this file appraised. Her CPA will verify it is show horses and her business address is her home address as that is what she does. Her building itself is separate and the value would be still there if we didn't count the land and only the building.
Please let me know what to do about this as it has had me very confused as I haven't had to deal with a situation like this. Thanks!
|
|
|
closer31
273 Posts |
Posted - 04/02/2008 : 09:35:54 AM
|
| I know people who will do it 10 acres or less but again, this is a residential and I can prove via multiple sources (appraisal, CPA, client website, etc.) that it is show horses and not any type of farm land! It is a small conforming loan with low ltv too! |
|
|
closer31
273 Posts |
Posted - 04/02/2008 : 10:00:44 AM
|
| a |
|
|
closer31
273 Posts |
Posted - 04/03/2008 : 12:20:52 PM
|
| i'm interested to see what can be done in regards to this. |
|
|
aaron1976
636 Posts |
Posted - 04/04/2008 : 12:04:40 AM
|
| I would try St. Cloud Mortgage. www.stcloudmtg.com |
|
|
closer31
273 Posts |
Posted - 04/08/2008 : 1:15:41 PM
|
| helppp |
|
|
closer31
273 Posts |
Posted - 04/08/2008 : 1:27:35 PM
|
| .. |
|
|
closer31
273 Posts |
Posted - 04/08/2008 : 1:37:41 PM
|
| weew |
|
|
Quicksilver
4828 Posts |
Posted - 04/08/2008 : 1:38:34 PM
|
| Indymac was the last one I know of that was doing excess acreage as I almost had one with them at about 38 acres until the changed their guidelines the day before submission and I wasn't aware. I've gotten a lot of request with people whom just happen to have homes on excess land, not for farm use or anything. I've only seen local banks do this so I just tell them to go to their bank. As was said before, in the past some portfolio banks would separate the excess and ask for value based on property and surrounding 5-10 acres and disregard the rest. |
|
|
closer31
273 Posts |
Posted - 04/09/2008 : 12:24:09 PM
|
| thx |
|
|
jillstatz
657 Posts |
Posted - 04/09/2008 : 3:14:39 PM
|
| did you try USDA already, they maybe able to help you with that one. |
|
|
| |
Previous Topic | Next Topic |
|
Search for: 
