mortgage refinance

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farmboy
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Joined: Mon Feb 04, 2013 11:26 am
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mortgage refinance

Postby farmboy » Mon Feb 04, 2013 11:36 am

I have a pole barn building with a basement and I cannot get a fixed rate refinancing my mortgage. Fannie mae wont touch it because of metal siding, freddie mac wont touch it because i live in a rural area and there are not any sales of these homes in the surrounding fifteen miles. Am i going to find any lenders that will give me an in house loan that will give me a fixed rate?

Tightwad
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Re: mortgage refinance

Postby Tightwad » Mon Feb 04, 2013 12:29 pm

farmboy wrote:I have a pole barn building with a basement and I cannot get a fixed rate refinancing my mortgage. Fannie mae wont touch it because of metal siding, freddie mac wont touch it because i live in a rural area and there are not any sales of these homes in the surrounding fifteen miles. Am i going to find any lenders that will give me an in house loan that will give me a fixed rate?

Did you try a small, community bank? Usually they will be more open to your situation but probably have more stringent requirements like larger downpayments, higher credit scores, more collateral, etc.

Another option is the Farm Credit System. They cater to people like yourself who don't fit the standard mortgage profile of Fannie & Freddie.

Hope this helps.

TCstr8
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Re: mortgage refinance

Postby TCstr8 » Mon Feb 04, 2013 2:57 pm

Exactly what Tightwad said.
T.C. Strait
Ohio Loan Officer / Manager @ Mortgage Broker
NMLS ID 164070
<a href="http://www.ohiomortgagesolutions.com">Ohio Mortgage Solutions</a>
<a href="http://www.ohiofha.com">Ohio FHA Mortgage</a>

Mario
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Re: mortgage refinance

Postby Mario » Tue Feb 05, 2013 7:00 am

Exactly right. I would also add checking out your local credit union
http://debtblag.com

Track my fiscal fitness with $0.5 million in debt: http://getrichslowly.org/forum/viewtopic.php?f=11&t=61052 Latest update: As of April 16, I've paid off $21,400 in credit card debt this year (after starting with $35k)


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