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.
That’s it for today!
Have a good day today! …and thanks for reading.
Brett
Did you know even if you have “challenged” credit you can still get a low…
If you receive money from the State or a County sponsored organization for providing foster…
I wanted to address the two most common questions that I get regarding reverse mortgages……
If you purchased a home using your own cash, and now would like to pull…
I wanted to let you know we have a 2% to 5% downpayment and closing…
If you want to acquire rental properties, but you are having issues proving your income…
