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Ag property in CA can buyers get FHA loan ?

15+ acres in CA zoned Ag 5 acres, Only hobby farm, never filed profit / loss with IRSBuyer meets income, credit rating etc by ninaschafer307 from Hollister, California. Mar 25th 2015 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

It's possible, but much more info would be necessary to advise you properly.. The most important thing is whether or not there is a home on this land.. FHA only does owner occupied dwellings, and it must be your primary residence. FHA in general does not have a restriction on acreage, however lenders might have additional guidelines that have minimum's. ..FHA just says that your lot must be common to the area.. so if your the only 15 acre parcel, and all the others are 1 or 2 acres.. then its not going to go FHA, but if all the other parcels in your area are about the same size, you shouldn't have a problem.. there are restrictions on how much value the land will give to your total appraised value of the property.. typically, the land cannot represent more than 30% of the overall value of the property.. If you want to know for sure, then you should contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714

Mar 25th 2015
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