So I found a nice little "farm" that I'm trying to buy -it's 10 acres with a house - but the land is flat and usable and I just want to be able to keep my horses with me.
I was asking a few lenders to see if they would be able to finance the property, but they are saying that the kitchen is "below grade" aka underground-ish, therefore it doesn't exist and they can't finance it because it won't appraise.
Now, I've been going through traditional lenders (banks), but does anyone know if I were to try to get an Agricultural loan, would they hold it to the same standards? I have a few calls in and I'm waiting to hear back, but I wanted to see if any of you gurus had an inside scoop so I don't just waste all of my time.
What ever state you live in there should be a Land Bank somewhere. Ag Credit or the Land Bank is where I would start. The Louisiana Land Bank now loans for cars, equipment, etc where as when I bought my land it was on land, equipment and farm buildings.
Gotta tell ya, if you have part of the house 'below grade', run.....We made a big mistake on our last place, not understanding the rule of an 8 inch foundation wall above grade, and we always had water issues in the basement because of a faulty construction method that we just didn't know enough about.
Just the phrase makes me shudder......
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