Recap of email exchange...answers to senders questions are underlined.
Can you give me more information on the loans you have available? We have a 1127 sq ft manufactured home (nice--looks like cottage) on 47.691 acres. It is not "permanently attached to the land" at the moment (considered personal property). The manufactured would have to be permanently affixed and made part of the real estate. The property is ag exempt and currently on a 7 year "land loan" with a fixed rate of 6.45%. Existing loan amount is $194K--bought for $257K one year ago.We would like to get a 30 year fixed on the whole thing if possible. Credit is in 700s. Today's 30 year fixed rate on this product is 5.5%.
What is the max loan-to-value? While we can go to 95% and we do have a good track record with these products and our MI company, because of the manufactured home, the max rate will probably be 80%.
Another way we may go is building a new home on the property. We would build using either cement block or poured cement walls--possibly add a basement. Is this a problem? Is it possible to keep the property as is with manufactured home as guest house, or will we need to divide the property? Probably need to separate it out, though we can keep the manf home as a guest house under a program with a rate of 6.75%.
The new house will share a well and electrical pole with the manufactured home. We would need the proper "shared" agreements in place if you do seperate it out.
We own the driveway from the paved road to the house, but do not own some of the land beside it; will this be a problem? Normally, we are only interested in proper access (easements and such have to be in order) and no detrimental factors because of such brought up by the appraiser. The appraisal, survey and any other documents would have to be reviewed by the underwriter.
How many comps do you require (solds, actives, distance, time)? Very subjective to the property itself though we won't be as tough as what is going on in today's market with Fannie/Freddie type.
Do you allow the land to be worth more than the home? Yes, up to 65-70% land value with a max of home value of $269,807. Our max total loan amount on this program is $417,000. If you go with the higher rate mentioned above, that program will take loans up to $1 million.
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