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 Financing for Acreage in Michigan...Help!

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T O P I C    R E V I E W
cj6 Posted - Jun 05 2012 : 2:36:02 PM
We found a house but,because of the acreage we are having difficulty finding financing! Does anyone know of someone who will finance acreage in Michigan? We qualify for Rd,Fha and Va but,they cannot be used due to how many acres there are.Please I really don't want to lose this house...
13   L A T E S T    R E P L I E S    (Newest First)
AlyssaMarie Posted - Jul 09 2012 : 1:48:53 PM
My husband and I have been looking at financial stuff a lot lately because we're in the middle of refinancing our property. From my vantage point, knowing that I wanted to have a farm, I SERIOUSLY wish I'd looked at getting a USDA loan. There are certain requirements to qualify, but if you are wanting to start a farm on acreage its really the best loan on the market in my opinion. I wish we could refinance to one but since we have an FHA loan we can't and its become very messy with the farm. Good luck! I hope you find your dream home soon!

AlyssaMarie @ Link'd Hearts Ranch
clothedinscarlet Posted - Jul 09 2012 : 12:09:41 PM
This one is not as far north as you wanted and not quite as many acres, but over 5.5 is still a lot of acreage....you can do a lot with that....AND it has a barn...AND it's a really great price!

http://4010maplegroverd.ihousenet.com/mlsmax/frame.htm?&vkey=&mls=&vid=&rs=grandrapids.craigslist.org&go=mobile

Farmgirl Sister #1110
Siobhan - AKA Liza-Jane (my farmgirl name), wife to my best friend, Trent, and mommy to Camden (11/28/05) and Bennett (7/11/07). and Truman (7/28/09)
clothedinscarlet Posted - Jul 09 2012 : 11:58:51 AM
What about this one? http://www.pprmi.com/12036725SR

House needs some work, but you expect that when you want a big plot of land for little $$$. You could probably offer $70K on something like this and get your offer accepted if its been sitting long enough.

Farmgirl Sister #1110
Siobhan - AKA Liza-Jane (my farmgirl name), wife to my best friend, Trent, and mommy to Camden (11/28/05) and Bennett (7/11/07). and Truman (7/28/09)
clothedinscarlet Posted - Jul 09 2012 : 11:48:25 AM
So, you're looking just north of GR and Lansing? I'll be on the lookout for ya and keep my ears open.

Farmgirl Sister #1110
Siobhan - AKA Liza-Jane (my farmgirl name), wife to my best friend, Trent, and mommy to Camden (11/28/05) and Bennett (7/11/07). and Truman (7/28/09)
cj6 Posted - Jul 09 2012 : 11:30:05 AM
Thanks everyone! We can go RD,FHA,FHA203k,or VA...the problem with the morgage was it was 40 acres.It just happened to be what we found. I have since found that we could have easily done a split with the house and 10 acres for the morgage and the other 30 acres for say $1still paying the same amount but,making the morgage company happy. Of course when I went back to the morgage company to make sure and then do it ...they told me there was another offer on the house for cash :P

Any way yes,I know that our house is there somewhere...and I am looking again. So far most everything I've seen the last two weeks has gone off the market within days...we can't even plan to go look and they are gone! Guess that's part of the difficulty in looking on the other side of the state from where we are at. I sooooo want to get "back home" or up north which for me is still kind of back home too.
If anyone knows of anything out there I'd love the info.We're looking for at least 10 acres,3bdrm,needs woods and under $70,000...bonuses a barn and pond : ) Anywhere from around White Cloud up to Cadillac and over to Clare.
Penny Wise Posted - Jul 09 2012 : 08:27:20 AM
oh man! i can feel the anguish in your post!!!!
the right place will be there......

Farmgirl # 2139
proud member of the Farmgirls of the Southwest Henhouse
~*~ counting my pennies and biding my time; my dreams are adding up!~*~
ruthie218 Posted - Jul 09 2012 : 08:20:11 AM
Hi! Hubby and I have been looking at property in Indiana and this what we found out from fifth third bank rep. That we'd have to buy 15 or less acreas to get a fha loan. Hope this helps. Waiting to get more details. I'll let u know .
Ruthie Ann

http://simpleindianagirl.blogspot.com/

Farmgirl sister#4072
clothedinscarlet Posted - Jul 09 2012 : 05:35:41 AM
I'm right there with ya on this one. We went RD and there are soooooo many restrictions. Luckily, the house we finally settled on has been approved and we are almost to closing!!! I've never jumped through so many hoops in my life, but it will be sweet when it's finally over. I'll have my little two acres of paradise. And there is adjoining land that we could probably seek to purchase in the future too. I hope you find the right place for you. I know it can be fustrating finding what is "you" and meets your needs and what will meet the government guidelines, but there are wonderful properties out there that do. Maybe you can work on securing a private loan through a credit union or something to have as a back-up to pay for extra land if you find another property that is too large for the RD loan. They do have some leniency, but they don't like to go over two acres. We were blessed to find a place that had exactly two.

Farmgirl Sister #1110
Siobhan - AKA Liza-Jane (my farmgirl name), wife to my best friend, Trent, and mommy to Camden (11/28/05) and Bennett (7/11/07). and Truman (7/28/09)
cj6 Posted - Jul 09 2012 : 01:21:33 AM
It's gone! I found we could do a split and it would be easy plus we'd do things so we still got the whole parcel...well,our contract was past dates,the listing had said there was no interest besides us and we were ok(they were very aware we were working on it)yet,another offer was brought and excepted ...for cash! They haven't closed yet that I know of but....Back to square one....getting tired of looking.It's been over three and half years now....where is my dream house?
Penny Wise Posted - Jun 07 2012 : 02:39:59 AM
it was a bank in mich - i suggest you talk to Sally Nelson or Mary Jo Nixon at Lake Osceola State Bank- Sally was my super and born and raised in Osceola County- Mary Jo is above her born and raised in Lake County so both know the area and have been at the bank forever- both great gals--i cannot promise but maybe they would have suggestions if they can't do it...i tried to email you but you don't seem to have that ability thru this site??????

Farmgirl # 2139
proud member of the Farmgirls of the Southwest Henhouse
~*~ counting my pennies and biding my time; my dreams are adding up!~*~
cj6 Posted - Jun 06 2012 : 6:45:40 PM
Penny we found a house in Michigan just a little ways west from Clare. The problem we had was that the value of the land didn't leave enough value for the house.Because of this we can't do a fha,va or rd loan...we need to use a morgage company that helps with buying land.Is the bank you worked at in Michigan? Or will they help in Michigan?
Penny Wise Posted - Jun 06 2012 : 4:40:50 PM
where did you finally find a place?
the bank that i used to work for might depending on where you are...they are a state bank....

Farmgirl # 2139
proud member of the Farmgirls of the Southwest Henhouse
~*~ counting my pennies and biding my time; my dreams are adding up!~*~
Dusky Beauty Posted - Jun 05 2012 : 11:16:29 PM
Have you tried calling up the local credit unions to ask what they might be able to do?

Check USDA, Farm Credit Services... There are always (wealthy) private individuals in communties who will buy and hold the note on real estate. The interest rate is usually a little higher than a bank might charge. A busy lawyer usually knows the people who do financing like this. You would want to have your own good lawyer to make or examine the contract.

~*~ http://silverstarfamilyfarm.blogspot.com/ ~*~

“When I stand before God at the end of my life, I would hope that I would not have a single bit of talent left, and could say, 'I used everything you gave me.”
~Erma Bombeck

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