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Re: LV homes that have sold ?

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  • Dar
    I looked into your thoughts about these farmer loans . Seems they are structured for real Ag. property s and not residential zoned sub divisions.In Texas
    Message 1 of 10 , Mar 8, 2013
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      I looked into your thoughts about these " farmer loans ". Seems they are structured for real Ag. property's and not residential zoned sub divisions.In Texas this might work, but I doubt , even then 7 acres is a whole lot less than 1,000 as is average with farmer mac., or so it seems.

      --- In LVHomeFans@yahoogroups.com, Steve <guthman88@...> wrote:
      >
      > I would really advise to aim for the smaller lenders. Many areas have local lenders, such as Pioneer Bank,  Cattlemen's, or Capital Farm Credit in Central TX, that are much easier to deal with. If you have issues with the big boxes, talk to them.  From first phone call to close was 9 days with our lender.
      >  
      > ... and I really like the ideas of shopping local.
      >
      >
      > ________________________________
      > From: Dar <darkuehl@...>
      > To: LVHomeFans@yahoogroups.com
      > Sent: Thursday, March 7, 2013 12:20 PM
      > Subject: [LVHomeFans] Re: LV homes that have sold ?
      >
      >  
      > The picture is becoming quite clear now, all of a sudden. I wish I had know this was so important 2 years ago ! I am afraid my LVL may be branded for life now as property to stay away from to all in the lending field, including HUD.
      > Other thoughts come to play here also, as to the past and current marketing of these homes, all of them ( under a 100 ? ) around North America. RR 's office will be quick to tell your lender " its a kit Home". Those words are all over the place in RRs advertizing.( my lender did make this call and now his underwriter is about ready to reject the deal), I know as the stall routine has started already after 3 months of prep, appraisals, etc. AS a group we all who own could become advisories of the Rocio Romero Company directly as they continue to promote their product. Hopefully this will not undermine our ability to produce a mortgage, and or market our properties in the future.
      > Its obvious we will need more feedback from owners as there certainly may be other takes on what has and is happening with our investments, the LV and LVL homes.
      >
      > --- In mailto:LVHomeFans%40yahoogroups.com, Steve <guthman88@> wrote:
      > >
      > > I have to agree with the statement about removing certain key words out of your listing.  Words like
      > > "kit" or "prefab" are red flags for lenders as it conjurs visions of cheap / will-fall-down-soon / will depreciate.  Even words like "unique", "unusual", "eclectic", and "one-of-a-kind" scare lenders as this may mean it will be hard to sell.  The term "Rainwater Collection", if you have one, is a loan killer; instead state "reliable, good water source" on flyers you hand out in the house, but not on the listing.  Also, lenders who have their loans underwritten my Fannie Mea or Freddy Mac (which is almost all) will have a problem with any house that is not in a traditional neighborhood with a good selection of comps. 
      > >  
      > > For ANY home on acerage, banks are very reluctant to lend money for land.  Therefore, the values of the land and any improvments are often overlooked/discounted.  From my own experience, I was financing a project where the loan to value ratio was around 30%, credit scores above 800, and an annual income close to the requested loan amount (a banker's dream loan in usual cases). No bank was willing/able to touch it due to the acerage I was sitting on.  Also, many banks also have a rule that if the primary residence is less than 50% of the total value of the property, they will not loan money for it.
      > >  
      > > So what to do....  The Federal Government has programs for farm and ranch land that are independent from the big underwriters.  Some of them are referred to as "Farmer Mac" loans designed for homes and agricultural properties in rural areas.  If you are trying to sell your home on acreage, providing a list of lenders in your area that will deal with these type of loans will help the buyers.  A quick Google search will provide a number of them.  One note, the interest rate may be slightly higher than conventional loans.  This, however, can be offset by lenders who pay out dividends (this gets confusing and each lender will most likely be different). 
      > >  
      > > good luck,
      > > Steve
      > >
      >
    • gregg schultz
      Farm Credit is very flexible on loans.  We used them in VA but they are a national bank.  You can find them on the interwebs ... From: Dar
      Message 2 of 10 , Mar 8, 2013
      • 0 Attachment
        Farm Credit is very flexible on loans.  We used them in VA but they are a national bank.  You can find them on the interwebs

        --- On Fri, 3/8/13, Dar <darkuehl@...> wrote:

        From: Dar <darkuehl@...>
        Subject: [LVHomeFans] Re: LV homes that have sold ?
        To: LVHomeFans@yahoogroups.com
        Date: Friday, March 8, 2013, 10:48 AM

         
        I looked into your thoughts about these " farmer loans ". Seems they are structured for real Ag. property's and not residential zoned sub divisions.In Texas this might work, but I doubt , even then 7 acres is a whole lot less than 1,000 as is average with farmer mac., or so it seems.

        --- In LVHomeFans@yahoogroups.com, Steve <guthman88@...> wrote:
        >
        > I would really advise to aim for the smaller lenders. Many areas have local lenders, such as Pioneer Bank,  Cattlemen's, or Capital Farm Credit in Central TX, that are much easier to deal with. If you have issues with the big boxes, talk to them.  From first phone call to close was 9 days with our lender.
        >  
        > ... and I really like the ideas of shopping local.
        >
        >
        > ________________________________
        > From: Dar <darkuehl@...>
        > To: LVHomeFans@yahoogroups.com
        > Sent: Thursday, March 7, 2013 12:20 PM
        > Subject: [LVHomeFans] Re: LV homes that have sold ?
        >
        >  
        > The picture is becoming quite clear now, all of a sudden. I wish I had know this was so important 2 years ago ! I am afraid my LVL may be branded for life now as property to stay away from to all in the lending field, including HUD.
        > Other thoughts come to play here also, as to the past and current marketing of these homes, all of them ( under a 100 ? ) around North America. RR 's office will be quick to tell your lender " its a kit Home". Those words are all over the place in RRs advertizing.( my lender did make this call and now his underwriter is about ready to reject the deal), I know as the stall routine has started already after 3 months of prep, appraisals, etc. AS a group we all who own could become advisories of the Rocio Romero Company directly as they continue to promote their product. Hopefully this will not undermine our ability to produce a mortgage, and or market our properties in the future.
        > Its obvious we will need more feedback from owners as there certainly may be other takes on what has and is happening with our investments, the LV and LVL homes.
        >
        > --- In mailto:LVHomeFans%40yahoogroups.com, Steve <guthman88@> wrote:
        > >
        > > I have to agree with the statement about removing certain key words out of your listing.  Words like
        > > "kit" or "prefab" are red flags for lenders as it conjurs visions of cheap / will-fall-down-soon / will depreciate.  Even words like "unique", "unusual", "eclectic", and "one-of-a-kind" scare lenders as this may mean it will be hard to sell.  The term "Rainwater Collection", if you have one, is a loan killer; instead state "reliable, good water source" on flyers you hand out in the house, but not on the listing.  Also, lenders who have their loans underwritten my Fannie Mea or Freddy Mac (which is almost all) will have a problem with any house that is not in a traditional neighborhood with a good selection of comps. 
        > >  
        > > For ANY home on acerage, banks are very reluctant to lend money for land.  Therefore, the values of the land and any improvments are often overlooked/discounted.  From my own experience, I was financing a project where the loan to value ratio was around 30%, credit scores above 800, and an annual income close to the requested loan amount (a banker's dream loan in usual cases). No bank was willing/able to touch it due to the acerage I was sitting on.  Also, many banks also have a rule that if the primary residence is less than 50% of the total value of the property, they will not loan money for it.
        > >  
        > > So what to do....  The Federal Government has programs for farm and ranch land that are independent from the big underwriters.  Some of them are referred to as "Farmer Mac" loans designed for homes and agricultural properties in rural areas.  If you are trying to sell your home on acreage, providing a list of lenders in your area that will deal with these type of loans will help the buyers.  A quick Google search will provide a number of them.  One note, the interest rate may be slightly higher than conventional loans.  This, however, can be offset by lenders who pay out dividends (this gets confusing and each lender will most likely be different). 
        > >  
        > > good luck,
        > > Steve
        > >
        >

      • Dar
        Message 3 of 10 , Mar 8, 2013
        • 0 Attachment
          --- In LVHomeFans@yahoogroups.com, gregg schultz <theschultzy@...> wrote:
          >
          > Farm Credit is very flexible on loans.  We used them in VA but they are a national bank.  You can find them on the interwebs
          >
          > --- On Fri, 3/8/13, Dar <darkuehl@...> wrote:
          >
          >
          > From: Dar <darkuehl@...>
          > Subject: [LVHomeFans] Re: LV homes that have sold ?
          > To: LVHomeFans@yahoogroups.com
          > Date: Friday, March 8, 2013, 10:48 AM
          >
          >
          > Interesting, never thought about Farm Credit, they do work with farmermac but are a separate lending source , sort of a coop but not. Never thought about my trees as a crop, but they are ! They have but one office in the UP...who knows, could help some of our fellow RR Home owners. I am sure they require certified HUD appraisers . Up here the back log on appraisers is over a month. We are going for a second appraisal , just found out today., its endless frustration . I am sure the next appraisal won't fly ether....
          >  
          >
          >
          >
          > I looked into your thoughts about these " farmer loans ". Seems they are structured for real Ag. property's and not residential zoned sub divisions.In Texas this might work, but I doubt , even then 7 acres is a whole lot less than 1,000 as is average with farmer mac., or so it seems.
          >
          > --- In LVHomeFans@yahoogroups.com, Steve <guthman88@> wrote:
          > >
          > > I would really advise to aim for the smaller lenders. Many areas have local lenders, such as Pioneer Bank,  Cattlemen's, or Capital Farm Credit in Central TX, that are much easier to deal with. If you have issues with the big boxes, talk to them.  From first phone call to close was 9 days with our lender.
          > >  
          > > ... and I really like the ideas of shopping local.
          > >
          > >
          > > ________________________________
          > > From: Dar <darkuehl@>
          > > To: LVHomeFans@yahoogroups.com
          > > Sent: Thursday, March 7, 2013 12:20 PM
          > > Subject: [LVHomeFans] Re: LV homes that have sold ?
          > >
          > >  
          > > The picture is becoming quite clear now, all of a sudden. I wish I had know this was so important 2 years ago ! I am afraid my LVL may be branded for life now as property to stay away from to all in the lending field, including HUD.
          > > Other thoughts come to play here also, as to the past and current marketing of these homes, all of them ( under a 100 ? ) around North America. RR 's office will be quick to tell your lender " its a kit Home". Those words are all over the place in RRs advertizing.( my lender did make this call and now his underwriter is about ready to reject the deal), I know as the stall routine has started already after 3 months of prep, appraisals, etc. AS a group we all who own could become advisories of the Rocio Romero Company directly as they continue to promote their product. Hopefully this will not undermine our ability to produce a mortgage, and or market our properties in the future.
          > > Its obvious we will need more feedback from owners as there certainly may be other takes on what has and is happening with our investments, the LV and LVL homes.
          > >
          > > --- In mailto:LVHomeFans%40yahoogroups.com, Steve <guthman88@> wrote:
          > > >
          > > > I have to agree with the statement about removing certain key words out of your listing.  Words like
          > > > "kit" or "prefab" are red flags for lenders as it conjurs visions of cheap / will-fall-down-soon / will depreciate.  Even words like "unique", "unusual", "eclectic", and "one-of-a-kind" scare lenders as this may mean it will be hard to sell.  The term "Rainwater Collection", if you have one, is a loan killer; instead state "reliable, good water source" on flyers you hand out in the house, but not on the listing.  Also, lenders who have their loans underwritten my Fannie Mea or Freddy Mac (which is almost all) will have a problem with any house that is not in a traditional neighborhood with a good selection of comps. 
          > > >  
          > > > For ANY home on acerage, banks are very reluctant to lend money for land.  Therefore, the values of the land and any improvments are often overlooked/discounted.  From my own experience, I was financing a project where the loan to value ratio was around 30%, credit scores above 800, and an annual income close to the requested loan amount (a banker's dream loan in usual cases). No bank was willing/able to touch it due to the acerage I was sitting on.  Also, many banks also have a rule that if the primary residence is less than 50% of the total value of the property, they will not loan money for it.
          > > >  
          > > > So what to do....  The Federal Government has programs for farm and ranch land that are independent from the big underwriters.  Some of them are referred to as "Farmer Mac" loans designed for homes and agricultural properties in rural areas.  If you are trying to sell your home on acreage, providing a list of lenders in your area that will deal with these type of loans will help the buyers.  A quick Google search will provide a number of them.  One note, the interest rate may be slightly higher than conventional loans.  This, however, can be offset by lenders who pay out dividends (this gets confusing and each lender will most likely be different). 
          > > >  
          > > > good luck,
          > > > Steve
          > > >
          > >
          >
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