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Buying in rural area - need advice.

I live in montana and right now am considering my buying options. Am firstt time buyer with FICO of 710. I am 29, single woman with no student loans. I've saved up 15K for a downpayment, and counting. But I am looking to purchase not just a house - land with acreage for my horses. Is this doable at this point? Could I go FHA with a co-signer? I really want some land not a lame condo. by kathylovesdogs from Helena, Montana. Sep 6th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

You could use FHA, USDA or conventional financing.. all allow you to purchase land with your home.. some lenders will restrict the land value, so will only allow so many acres, etc... but it certainly doable.. the best advice I can give you is to contact a local mortgage broker and apply with them.. they will be able to show you exactly what you qualify for and let you know what their investors require regarding acreage.. 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. 480-287-5714 WilliamAcres.com

Sep 6th 2013
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Brady Smedsrud (BradySmedsrud)
#3 ranked lender in Montana - 17 contributions

It sounds like you wouldn't have a problem qualifying for a home. USDA is going to be your best option since it has no down payment requrirements and the mortgage insurance associated with it is a fraction of what FHA is. Besides the main cities, most of Montana is considered rural so all the properties you are looking at are most likely in an eligible area. The only stipulation is you must make less then around $75,000. It changes in each county but the minimum in most are around $75,000. Give me a call if you have any questions, I'm located in Bozeman. Brady Smedsrud - Bank of the Rockies 406-556-1800

Sep 6th 2013
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

USDA is the way to go if you qualify. Zero down..

Sep 6th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

Really depends on what you mean by "acreage" that may be your only challenge - too much land and it is hard to get a loan. USDA is the best option available (0 downpayment) but all options will depend partly on your income as well as credit and downpayment.

Sep 6th 2013
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Uh oh I definitely don't make 75k a year. I make about 55. Does this change everything? I don't know why I left out that information initially...

Sep 6th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Enter your answer here

Sep 6th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

USDA rural loan, with zero down is your answer. Look at buying down your interest rate, or use your $15K as an additional down payment, in order to qualify for a more expensive property.

Sep 6th 2013
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Kiernan Brown (KiernanBrown)
#51 ranked lender in Michigan - 149 contributions

You want to call a local 411 lender in your area. With your credit scores and down payment you will be able to choose the program that suits your wants and needs best. Both FHA and RD have Up Front Funding Fees and Mortgage Insurance that is permanent, making them more costly over all. Other aspects of your situation will need to be shared with the lender you choose to make sure you get the best mortgage for your needs. Good Luck

Sep 7th 2013
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Your best bet is a USDA loan. Also check with your local community bank. They may programs available to you that fit in their portfolio.

Sep 7th 2013
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