New banking laws severely restrict mortgages. If there is a 50 acre parcel with home, they can only loan up to the value of the home and 10 acres. Therefore, I have to figure out how to sell 41 acres separately from the rest. http://www.kentfarmmgmt.net/pdfs/4-113.pdf shows the whole property. The 41 acres would be everything but the 10 acres adjacent to the house. Will post photo of approximate lines in a bit. The area inside the yellow lines are property lines, and that within the white lines would be approximately 10 acres.
I suggested that. They're actually looking at the parcel locations. The only way would be to sell a parcel at a time to them would have to wait until each parcel was paid off before the next parcel is sold.
No way. Seen too many go too low and the seller still has to pay auctioneer. I got it figured out where I can break it into five 10 acre lots. All but one has lake access and the one that doesn't is where the majority of the does and bucks travel.
Private mortgages aren't subject to the same restrictions, with the interest rate differential between home mortgages and vacant land the spread makes holding the note on a conventional mortgage very appealing. Hold a conventional ballon mortgage with a amortization that the principal payments covers the cost of the additional vacant land by the end of the ballon term. Then they buyer refies with a clear titial on the land, they finance the home, pay your note and you got decent rate on the total purchase. The other upside is a default before the ballon and terms are for filled ...in that case you made 20%....
Have you looked at Wells Fargo? I had the same issue in Illinois. They refinanced my home with 57.6 acres included. Got a great rate also at the time (~4% fixed for 30yr). The other big lenders in my area would not do it.
No............I decided that my life was too perfect and into it I should inject a little misery and misfortune. I have to move at least 50 miles closer to Des Moines to meet the insurance company's requirement of being within 30 minutes travel time of the VA hospital.
Have you asked the insurance company for a premium adjustment that will negate that mileage requirement?
Yep, for the premium adjustment, I have to live within 30 minutes of a VA hospital or military hospital. They wouldn't give me a waiver.
