Forgotten Your Password?

Need to Register?

Question Icon

Can you get a home loan on house with more than 10 acres

by betty.chronke361 from Landrum, South Carolina. Aug 10th 2015 Reply


John Schweer (johnschweer)
#9 ranked lender in Missouri - 158 contributions

Yes of course you can

Aug 10th 2015
2
0
William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,933 contributions

Yes, but there are restrictions.. Specifically.. if a home with more than 10 acres is common for the area your buying in, then it should not be a problem.. Another restriction is in regards to the added land value.. the added land cannot represent more than 30% of the overall value of the property. There are more restrictions, more than can be typed in this small blog, so I recommend you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile including the large acreage lot, 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 WilliamAcres.com

Aug 10th 2015
1
0
Todd Glassman (Todd Glassman)
#1 ranked lender in South Carolina - 111 contributions

Yes there will be some restrictions over 10 acres

Aug 10th 2015
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

Sure thing, as long as the appraiser can find comparable properties with more than minimal lot sizes you can use a typical loan. There are also mortgages that specifically address "unique properties". Right down the road from you in Charleston. pdumouchel@primelending.com

Aug 10th 2015
0
0
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

PS> and of course you still have to meet all the usual requirements...

Aug 10th 2015
0
0
Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

Hi Betty, yes you can as long as the appraiser can find comparable sales that are like the subject property with the same or near the same land size and use. Even if not, depending on the type of loan you are receiving the appraiser would make the proper adjustments. Best to speak with a local loan officer and get pre-approved for a home loan and make sure they are aware of the type property you are interested in. Best wishes, Sean

Aug 10th 2015
0
0
Mark Hemingway (SFSLend)
#1 ranked lender in Colorado - 569 contributions

You can choose from a variety of loans with 10 acres. There primarily just has to be similar comps for the appraiser to compare when the appraiser completes his appraiser. There could be some limitations once you go over 10 acres.

Aug 10th 2015
0
0
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,524 contributions

Sure... lenders do them all the time. Generally speaking, the acreage itself isn't an issue. It is all about having same or similar comparable properties for the appraiser. As long as you have good comparables, the lot size doesn't really matter. For loans in MN, WI, and SD, visit me at www.StPaul-Mortgage.com

Aug 12th 2015
0
0
Subscribe to our news feed.