Bruce
Herd Master
Um, yeah, I'll get right on that @greybeard. Soon as I can get a halter on them without a BIG stink and a number of helpers.
Promise Acre: Our Journey
- Thread starter promiseacres
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Um, yeah, I'll get right on that @greybeard. Soon as I can get a halter on them without a BIG stink and a number of helpers.
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- #1,202
promiseacres
Herd Master
So loan officer says our debt to income is too high... 
talked to our mortgage guy and I just submitted an online application. He says ratio at 43% vs 36% from the gal today. 
praying. But not holding my breath.
talked to our mortgage guy and I just submitted an online application. He says ratio at 43% vs 36% from the gal today. praying. But not holding my breath.
Bruce
Herd Master
Any way to get that down fast?
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- #1,204
promiseacres
Herd Master
Well the gal yesterday said we were at 40%. So going with our mortgage guy seems a good option. We've worked with him for 8 years. I honestly didn' think he could do a property this big but he seemed confident it was possible. He's never been afraid to say no either in the past.
40% DTI will work with FHA/VA (credit down to ~580 or so, even lower with good compensating factors). Problem is, it's real difficult to get either on a "farm" loan. I got mine done VA because it was purchased as a rural property with acreage (~19.8), specifically NOT as a farm. VA does NOT have acreage restrictions. Though VA will do farm loans, most banks will not do a VA farm loan. All the VA (and FHA) does is guarantee the loan, they don't actually lend money so it's up to the bank
No idea if you can do a USDA type loan, or if your state has some sort of money programs available. Often times you can get a loan done with a local lender vice a big name national bank as they are more invested in the local community and are more aware of local issues, trends, values. Also, credit unions are better because they are NOT profit driven, so generally have lower rates on many products, and have same bennies as a local bank. Hope you find something that works.
Sometimes it's better to just go with the person you know and have worked with. Specially if they say they can do it and are honest.
No idea if you can do a USDA type loan, or if your state has some sort of money programs available. Often times you can get a loan done with a local lender vice a big name national bank as they are more invested in the local community and are more aware of local issues, trends, values. Also, credit unions are better because they are NOT profit driven, so generally have lower rates on many products, and have same bennies as a local bank. Hope you find something that works.
Sometimes it's better to just go with the person you know and have worked with. Specially if they say they can do it and are honest.
Wehner Homestead
Herd Master
You are in the same state as us so this may help. Our farm loan is through the Farm Service Agency. We actually had 0% down, interest rate is about 4%, and the term is 40 years. (That is done to get the payment down some.) We had to be denied by two banks to qualify. We had good credit so that helped too. We have to actually farm our property and file taxes accordingly. They only track the cattle and hay as that’s what we started with.
I’ve thought about seeing what they can do as far as developing a business with the goats. I’m just not sure if that’s the direction that God is leading me.
I’ve thought about seeing what they can do as far as developing a business with the goats. I’m just not sure if that’s the direction that God is leading me.
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- #1,207
promiseacres
Herd Master
worse thing is we are running out of time. ..mom's offer expires in 5 days... right now just trying to get a letter to say we are qualified.... mostly just praying...sellers aren't happy. Thanks for the info...might be something to look at.
Wehner Homestead
Herd Master
Maybe get an extension? That’s typically something your realtor can handle...
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- #1,209
promiseacres
Herd Master
She's working on it. We got a preapproval letter! So now we have something to take to them to say we're sorry but are definantly working on it!
WHAT CRAZYNESS!!!!!
I never thought we'd be able to get a 2nd mortgage without ours being sold or on the market... DH wanted it in our name so... here it is... not done yet but getting closer!!! I did call the farm loan agency... we don't qualify b/c we're just hobby farmers.... but she was sending some other options. Figure I should keep things open.Mini Horses
Herd Master
Can having mom co-sign help?
