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Is It Possible To Get a Mortgage Loan on 50 Acres on Primary Home?
Is it possible to get a mortgage loan on 50 acres on my primary home in Wisconsin? Preferably FHA loan but I think I qualify for a conventional loan too.
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3 Replies
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Most Mortgage lenders frown upon financing homes on large acreage. VA loans allow homes on large acreage such as a house on 80 acres. However, other loan programs have issues on financing homes on large acreage. HUD, the parent of FHA, will only cap the lot size up to 10 acres. Any acreage larger than 10 acres will not be given any value. USDA LOANS should not be a problem. Fannie Mae and Freddie Mac will not finance homes on large acreage.
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Acra Lending does up to 20 Acres, more on an exception.
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If I am interested in buying 110 acres in Paris Wisconsin which is just over the Illinois and Wisconsin border with a 12 month bank statement loan, would I be able to get 🤔 financing?