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Old 10-18-2007, 11:17 PM
 
Location: New Mexico
631 posts, read 2,158,743 times
Reputation: 329

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I'm in need of help on this one.
I have Farm Credit that would loan on a home w/ 30 acres. Buyer does not like their interest rate, although I don't think I can make him understand it's rural thus higher risk, less lenders will do it, hence higher interest rate. It's really not that high, it's about 7.5% average for a 20 year.

Anyway, I'm going to need some ideas quick for other options he can check into. He wants a 30 day closing ( not going to happen here! told him that.) But anyway, need to get my p's and q's as I really need to do everything to help get this to closing. It's going to start with the loan.
He can do 30-40% down. Wants about 6.5% interest. Any such animal?
any lender suggestions? Lots of lenders don't want to do more than 20 acres.
Lists please! Thanks.
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Old 10-18-2007, 11:47 PM
 
Location: Pawnee Nation
7,525 posts, read 14,874,485 times
Reputation: 7010
check the forum at brokersoutpost.com or the grapevine for people with niche products. Most of the folks that would do that sort of thing have gone under. mortgage implode dot com listed about 165 lenders who have gone under or been absorbed in the last 10 months. This has made the balance VERY cautious. You might consider seeking a hard money lender, but they are usually not wanting to lend at 7.5% even. Depending on the tract you are talking about, it MAY be placeable with a FHA insurance on it that would reduce the rate.....there are programs with HUD that will allow for that kind of property....particularly in New Mexico.....of course that depends on if you are in Roswell, Santa Fe or Anton Chico.......Pie Town would probably fly. I doubt the Duke City would.
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Old 10-20-2007, 01:29 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 19,116,988 times
Reputation: 6383
try

USDA Rural Development Home Page
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Old 10-20-2007, 06:13 PM
 
Location: Nine Mile Falls/Spokane, WA
993 posts, read 4,331,405 times
Reputation: 763
I would suggest that he talk with his personal banker wherever he does his primary banking. If he's putting that much down, they might be able to do it under different guidelines than a regular mortgage. An independent bank might consider holding the loan on their books under better terms than what he's been offered. I'm assuming he has good credit and maybe some other established assets....
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Old 10-22-2007, 09:00 AM
 
Location: New Mexico
631 posts, read 2,158,743 times
Reputation: 329
thanks guys. I'll keep your notes.
Buyer got cold feet. We were supposed to meet in the morning to sign the deal, and when I called him to come on in, he said he left town at 5am was on his way home to "think about it". Hopefully I'll get to send him your suggestions if he decides to write.
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