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OT Any mortgage smarts people out there?
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Posted by Dave H (MI) on August 11, 2007 at 07:33:15 from (64.12.117.74):
We hit a hitch in buying the farm this past couple of weeks and I have been stewing about it.
We have absolutely no issues about making the payment....it is well within our reach. Problem stemmed from the economy and housing market here in MI. Our home appraised for less than what it would have a while back and left us short on what we needed from the mortgage company. The rep from the well known, major mortgage company suggested that we take what they could give us and then do a mortgage on the farmhouse plus around 5 acres to get the small remaining balance.
He now tells us that his computer says that the farm does not meet guidlines. He is unable to explain it any better. We know that he is trying for a mortgage on just the house and a few acres and not the whole farm. The farm is about 30-40 miles away from here. That is all the info I can think of to give you. Anyone familiar enough with mortgage lending to give me an idea of what the trouble could be? This deal is pretty much dead but I will be looking at other places soon and don't want to run into any more walls.
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