Long driveway and home appraisals?

   / Long driveway and home appraisals? #31  
Try Farm Credit of Mid America or Similar bank
 
   / Long driveway and home appraisals? #32  
I ran into that at the a couple of days from closing... Bank had everything for several weeks and then said they couldn't loan because home is on 6.19 acres...

Trying to do a refi right now and the lot is a 1/4 acre and it is also a problem...

Some I know were able to go to the Farm Bureau of Farm Extension for larger parcels.
 
   / Long driveway and home appraisals? #33  
My driveway - all on my own property - is 5,300 feet from major highway to my home. It's all gravel, up and down a few respectable hills, has some curves to boot - and is mostly in a forest where ice doesn't melt too quickly. I built it in 1994 for a weekend place, then built my permanent retirement home in 2001. Power and phone are three feet under the road all the way in... The co-op's idea, not my request. But that works for me.

I have had no problems with insurance at all. They know of the road, and I have a pond near the house which is good for a hydrant equivalent. Since I have over 100 acres, I could not get normal bank mortgage anyway. They will not finance anything they can't sell - and they didn't care about the road. So I financed with Farm Credit. They did it easily, promptly and at a reasonable rate.

As for having to be rich to afford a long drive... I'm sure being rich would help, but I get by with only a modest income. With a tractor and box blade, I can smooth out the road regularly, and make gravel last a long time. I add a few loads of gravel every 2 to 3 years - although I went 4 years during the long drought several years back.

I value the privacy of being a half mile from any neighbor. I have dogs and other resources for security, and very few unwanted visitors. It's a great way to live.
 
   / Long driveway and home appraisals?
  • Thread Starter
#34  
Thanks for the replies everyone. We did try Farm Credit Services and qualified however the rate for over 50 acres was 5.5% so that's not really an option. Farmer Mac was about 4.5%. Our second location option is still a great spot to build and saves us about 700 feet of gravel. It still puts us about 4600 feet from the hwy and in the middle of a secluded 50 acre parcel. It also gets us into a traditional fixed at a lower rate.

My driveway - all on my own property - is 5,300 feet from major highway to my home. It's all gravel, up and down a few respectable hills, has some curves to boot - and is mostly in a forest where ice doesn't melt too quickly. I built it in 1994 for a weekend place, then built my permanent retirement home in 2001. Power and phone are three feet under the road all the way in... The co-op's idea, not my request. But that works for me.

I have had no problems with insurance at all. They know of the road, and I have a pond near the house which is good for a hydrant equivalent. Since I have over 100 acres, I could not get normal bank mortgage anyway. They will not finance anything they can't sell - and they didn't care about the road. So I financed with Farm Credit. They did it easily, promptly and at a reasonable rate.

As for having to be rich to afford a long drive... I'm sure being rich would help, but I get by with only a modest income. With a tractor and box blade, I can smooth out the road regularly, and make gravel last a long time. I add a few loads of gravel every 2 to 3 years - although I went 4 years during the long drought several years back.

I value the privacy of being a half mile from any neighbor. I have dogs and other resources for security, and very few unwanted visitors. It's a great way to live.

We are really looking forward to the move. We have 3 kids ages 4, 7, and 8 and are fortunate to be able to build at a time when they can enjoy the home and location as well. As soon as we get the floor plans finalized I'll probably start a thread on our build.
 
 
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