The Chronicle of the Horse
MagazineNewsHorse SportsHorse CareCOTH StoreVoicesThe Chronicle UntackedDirectoriesMarketplaceDates & Results
 
Results 1 to 6 of 6
  1. #1
    Join Date
    Nov. 8, 2006
    Location
    On the back of a horse somewhere in KY
    Posts
    1,127

    Default Perfect Credit but Minimal Net Income, Can't Get a Home Loan. Suggestions?

    Want to buy the farm I currently manage. It is within my price range as far asmonthly income vs expense goes and I have at least enough of a nest egg for 10% down. But stated income loans do not exist anymore apparently and from a tax return stand point I do not qualify for traditional home loans. Small business loans seem to be at most 60% loans in my area as well. Suggestions other than hitting lottery or finding sugar daddy/mysterious benefactor? Family isn't able/willing to help but business here is booming and I want to ensure it stays that way.
    "Gallop as if you were to die tomorrow, jump as if you were to live forever."



  2. #2
    Join Date
    Apr. 2, 2003
    Posts
    4,679

    Default

    Can you find a local credit union that does manual underwriting?

    Stated income loans don't exist anymore, but manual underwriting still does and if you can present it as a worthwhile investment for the bank, you may be able to get it approved.



  3. #3
    Join Date
    Feb. 28, 2006
    Location
    The rocky part of KY
    Posts
    9,199

    Default

    Try Farm Credit.
    Courageous Weenie Eventer Wannabe
    Incredible Invisible



  4. #4
    Join Date
    Sep. 16, 1999
    Location
    Ohio: Charter Member - COTH Hockey Clique & COTH Buffy Clique
    Posts
    9,143

    Default

    2nd Farm Credit.

    Alternatively, will the current owners do some kind of owner financing? Even partial to help have "more down"?
    ************
    "Of course it's hard. It's supposed to be hard. It's the Hard that makes it great."

    "Get up... Get out... Get Drunk. Repeat as needed." -- Spike



  5. #5
    Join Date
    Oct. 30, 2008
    Posts
    3,096

    Default

    It is in a USDA zone? Those loans are great for minimal $ down. I just closed on one at the end of September. I think you need to find a good independent broker. They'll know everything that might be available for that property.
    Flip a coin. It's not what side lands that matters, but what side you were hoping for when the coin was still in the air.

    You call it boxed wine. I call it carboardeaux.



  6. #6
    Join Date
    Nov. 8, 2006
    Location
    On the back of a horse somewhere in KY
    Posts
    1,127

    Default

    Thank you all! Already have a call into local Farm Credit and will investigate USDA zone possibility and manual underwriting. Have been pursuing owner financing unsuccessfully.
    "Gallop as if you were to die tomorrow, jump as if you were to live forever."



Similar Threads

  1. home appraisal for loan
    By carolprudm in forum Off Topic
    Replies: 2
    Last Post: Nov. 11, 2011, 03:32 PM
  2. Any suggestions for minimal work flower beds
    By M.K.Smith in forum Off Topic
    Replies: 26
    Last Post: May. 8, 2011, 11:45 PM
  3. Replies: 1
    Last Post: Aug. 14, 2010, 08:03 PM
  4. What is that credit/loan thing for animal/pet owners?
    By greysandbays in forum Off Course
    Replies: 3
    Last Post: Oct. 7, 2009, 11:54 AM
  5. A perfect match for my Don Gregory mare - Suggestions?
    By Dorienna in forum Sport Horse Breeding
    Replies: 14
    Last Post: Jun. 26, 2008, 12:19 AM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •