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closer31
269 Posts |
 Posted - 05/22/2008 : 2:16:18 PM
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| They do rural home loans. If a property is 21 acres and the borrower has a show horse business (lenders are calling it mixed-use) will USDA do it?? |
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michellec
150 Posts |
Posted - 05/22/2008 : 2:20:22 PM
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Check out this site:
http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do
The USDA site will give you great info. The link above will take you directly to the income and property eligibilty section. |
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samwillsonbiz
194 Posts |
Posted - 05/22/2008 : 2:24:38 PM
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What is the full loan scenario?
LTV
Appraised Value
Cash out Refi?
FICO
Property Location
etc.
If USDA doesn't work out for you, call or email me. |
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ritabradley01
3228 Posts |
Posted - 05/22/2008 : 2:25:10 PM
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| You have to cut and paste this link or it won't work.... |
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closer31
269 Posts |
Posted - 05/22/2008 : 2:44:48 PM
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| thx. it is 21 acres full doc 300k loan prop. worth 800k she has a show horse business on her property but it is not a farm...710 fico....can we do it? |
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michellec
150 Posts |
Posted - 05/22/2008 : 2:52:34 PM
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| Go to this website http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do, click on the property eligibility for a SFR and enter the address or use the map to the right. |
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closer31
269 Posts |
Posted - 05/22/2008 : 3:11:30 PM
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| thx! |
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lucky1s
3618 Posts |
Posted - 05/22/2008 : 3:33:20 PM
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| I dont think you can refi with USDA unless you are paying off another USDA. |
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americanheartlan
2237 Posts |
Posted - 05/22/2008 : 3:36:24 PM
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Try this company...
www.cgb-afs.com
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Travis Du Bois
589 Posts |
Posted - 05/22/2008 : 3:41:41 PM
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Lucky1s is correct you need to be in a USDA loan to refi using the USDA loan program.
http://www.brokeroutpost.com/loans/brokers/forum/topic.asp?TOPIC_ID=203463
I also have a great handbook for you to review.
http://www.greystonefinancialonline.com/files/RDA/GREYSTONE%20GRH%20HANDBOOK.pdf
Oh and the property can not be an income producing property.
Please let me know if I can help you in any way.
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hertz
859 Posts |
Posted - 05/22/2008 : 3:43:07 PM
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| Remember the income limits! Most people that can afford a 300k loan are going to be above the income limitation. |
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