Have you ever wanted to own a piece of land to grow your own food? Maybe…your dream is cleaner air, sunny skies, and starlight nights on a water property where you can retire? Today, Rural America is becoming more and more popular among new home buyers, but…do you know that homes with land come with their own set of requirements when it comes to financing! You’ll eliminate a lot of stress and headaches, if you do your homework before you begin the process!
Join me today as my guest, Jerry Grodesky, Managing Broker of Farm and Lake Houses Real Estate, Inc. and I discuss the advantages of rural living and all you need to know about shopping for your dream home in Rural America.
Working with a full-time Realtor, and a lender familiar with this type of product, can save you money and heartache when it comes to purchasing homes with land. Lenders have very different lending requirements for properties with land, out buildings, located in a flood plain area, and agricultural elements. Products and interest rates vary depending on land use and size. Generally, conforming lenders (lenders that predominantly focus on houses that sell to Fannie Mae and Freddie Mac) have issues with excess land and do not want to lend on properties over about 20 acres. Other products, such as Rural Housing Financing (USDA), also have different requirements, so getting pre-approved before you go hunting for your dream property…is a must!
It’s a great show! If you are looking for rural property, you won’t want to miss it!