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Old 03-22-2018, 11:33 AM
 
7 posts, read 14,515 times
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Looking for suggestions and advice on mortgage lenders who will work with these factors - larger acreage (40 acres) with barn and several outbuildings and a brand new custom home. We are looking at possibly taking equity out of our home and then refinancing to build our detached garage. We live in Delta, County (Paonia) and know that not all lenders look at this type of refi scenario.

Suggestions appreciated.
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Old 03-22-2018, 01:29 PM
 
2,335 posts, read 646,992 times
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Quote:
Originally Posted by StElmoQn View Post
Looking for suggestions and advice on mortgage lenders who will work with these factors - larger acreage (40 acres) with barn and several outbuildings and a brand new custom home. We are looking at possibly taking equity out of our home and then refinancing to build our detached garage. We live in Delta, County (Paonia) and know that not all lenders look at this type of refi scenario.

Suggestions appreciated.
I doubt you'll have much of a problem finding a lender as long as there is enough equity in the property to stay at or under 80% loan-to-value and you have good credit. The rate you'll pay might be a little higher than the average conforming loan, though.
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Old 03-24-2018, 05:53 PM
 
Location: Eastern Colorado
3,757 posts, read 4,403,966 times
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The best option is going to be to call some mortgage brokers in Grand Junction, they are likely to know which lenders will make loans out there, because believe it or not many lenders will not touch a property in Colorado that is not in a big tourist town or along the front range, especially a 40 acre property as those have a long history of being bad loans.

Last edited by Mike from back east; 03-24-2018 at 06:52 PM.. Reason: Fixed a typo
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Old 03-24-2018, 08:31 PM
 
Location: The Berk in Denver, CO USA
13,120 posts, read 18,744,834 times
Reputation: 20434
Find a real estate agent who specializes in rural properties.
It is another world.
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