Rural properties can pose a unique challenge with features which may disqualify your client from obtaining standard financing. This is why Pacific Residential Mortgage offers a unique solution for clients’ unique problems through our RuraLiving program. Unlike some rural home loan programs, RuraLiving offers long-term financing at a fixed rate.
RuraLiving gives your client flexibility to choose a community they truly enjoy, and meets their particular needs; whether that is owning a home in the country, or purchasing a farm.
RuraLiving features two distinct paths to obtaining financing for your client:
Hobby or Full-Time Farmer
• Primary residence and owner occupied
• Maximum loan amount up to $2.0 million
• Rural Properties ranging from 5-160 acres (160 acres considered on a case by case basis)
• Home value should be at least 30% of overall property value
• Home value must be at least 50% of the total property value
• Properties less than five acres
• No ability to generate agriculture income
• Home value must be less than $269,807
General qualifications for both programs include a minimum 700 credit score, and 39% total debt-to-income (DTI) ratio, though up to 43% DTI may be considered on a case by case basis.
With RuraLiving your clients have the power to align their goals with a program that fits their needs, without complications of applying for multiple loans or paying sky high interest rates. You can also avoid the uncertainty and difficulty of trying to make a rural home fit into the narrow guidelines other lenders may impose. With a pre-approval in hand for a RuraLiving home loan, you can have confidence your client is truly getting the rural home of their dreams!
Contact PRM today about how we can assist you and make your client’s dreams a reality!