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Anyone offer mortgage on house with acreage classified as agri even though not used for agriculture?

Trying to buy a house through a short sale.  It has 48 acres and is classified as agricultural because of the acreage, even though property isn't used for that.  Are there any lenders who will offer a mortgage on this type property?  I've only found 3 so far.  Farm credit requires 25% down, and I only have 5-10%.  One local bank will do it, but at 5% down they will only give a 6% interest rate.   The other is a small regional lender who says they can do it with interest rates less than 4%.  I would like to have other options in case the deal falls through with this lender.  Thanks   
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December 30 2012 - Lawrenceburg
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Thanks for that information,  that really helps
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December 31 2012
Besides the low down payment, the bigger obstacle you are going to face is the value of the house vs value of land.  Land being not more than 30-40% of total value is a common requirement, and with 48 acres that may be difficult to overcome. Finding acceptable comparable sales is another issue.  Ask regional lender about appraisal requirement in regard to what I mentioned of land vs house value %, and learn if there are issues before you spend money for an appraisal. (with any lender)
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December 30 2012
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we are over the income limit for a USDA loan
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December 30 2012
I the property in an area where you can obtain a USDA loan?
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December 30 2012
 
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Anyone offer mortgage on house with acreage classified as agri even though not used for agriculture?
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December 31 2012 | 4 answers
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