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| *Loan,banking and credit>>>mortgage loan |
What mortgage companies give loans to homes w/ more than 20 acres ? |
We are looking to purchase a home in TN w/ 54 acres and have found that it is not as simple as grtting a traditional loan. Thank you for any info . You are correct- The reason for this is that most mortgage brokers have to follow FNMA & FHLMC (Brokers call them Fannie Mae & Freddie Mac guidelines). One of these guidelines is that your house cannot be attached to land that has more than 10 acres. In order for a broker to sell their loans on the secondary mortgage market, they must also be eligible for sale to either of these quasi-governmental agencies. You need to seek out a local "portfolio lender". That is- a lender who will not sell your loan on the secondary market. These lenders have different risk guidelines. Try Fremont: 1 800-373-6668 www.1800fremont.com or Bank of America 1 888-293-0264 www.bofa.com A local credit union may also be a good choice Good Luck to you! Try mortgage companies located in or near where the property is located. They are experienced with the area and are usually willing to help. Good luck. Give up! |
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