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Old 03-29-2014, 08:56 PM
 
1 posts, read 780 times
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I am trying to buy my first house and really having trouble making sense of all the acreage restrictions.Ive been told i cant get financed for more than 5 acres almost every place i look at has more property than that in the area i rent in and want to buy in lots of big farms.I was told the fha was the reason i have decent credit and money for down payment.i got a little frustrated with all the rules lol that scots irish rebel i guess.i felt like the government was trying to "suggest" what i can buy and where. any experience or advice would be greatly appreciated thanks.
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Old 03-30-2014, 06:12 AM
 
Location: Jonesborough, TN
704 posts, read 1,335,416 times
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I am not a loan officer, but have some experience with this. I know that there is indeed an acreage limitation to what FHA will back- I guess from your post it is 5 acres. The FHA is a federal program that backs the loan. In essence, they take the risk of the loan from the bank. They have their own set of rules regarding appraisals, property types, upper limits of value for a property, etc. For example, if a property has city sewer available but the property is not hooked up to it, FHA will typically require the property to be hooked up in order to approve the loan.

If you do not like FHA's requirements, there are other options. I personally do not like FHA or anything involving the secondary mortgage market. Banks will do in-house loans, and there are some lenders that specialize in rural property. However, you are going to have larger down payments with these options as the bank is actually taking a risk on your loan (imagine that!).
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