If you need financing to purchase a home in the country I would use either USDA, FHA, or VA.
The reason I didn’t mention conventional is that a conventional loan generally will have more restrictions on the comparable sales used in the appraisal. Specifically conventional loans have a conservative limit on how far they will allow the comparable sales used in the appraisal to be away from the subject property.
For this reason you often run into a Catch-22 using conventional loans in a rural environment. …Yes you can use a conventional loan, but the comps are too far away from the subject property so you can’t use a conventional loan, etc…
Generally speaking FHA, USDA, and VA will accept comparable sales that are “common for the area”. So, in other words if the comparable sales are all 5 miles away and that’s what is common for the area – then generally they will accept this.
If you are unsure what type of financing is best to use for your next purchase – shoot me an email or give me a call and tell me about your situation. Even if your in a state I’m not licensed in I’ll at least point you in the right direction.
That’s it for today!
Brett
To see if you qualify for a mortgage right now – [ez_btn color=”red” url=”http://r20.rs6.net/tn.jsp?e=001ZsPIwUJX5myadWTNmLM40p3105ZmijvDiFaRrGk2pLk2d7djclcxFOoYDH4jnPL3eJxE31ln2mNnnAw0ngR6ZVSqyK469UA-NXaqmgNx4nv60si8YmjXb7hVgXOoXYQ1Vue1Rk486lymQk0v4CSfkA==”]CLICK HERE[/ez_btn] and fill out this simple application.
To sign up for my weekly mortgage quick tips – [ez_btn color=”red” url=”http://loansdonequickly.com/email-quick-tips-sign-up/”]CLICK HERE[/ez_btn].