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"Small
Farm/Rural Home Loans"
Country
homes with acreage have not typically fit into "conventional
type" financing guidelines. MOCAP is proud to offer a program
specifically designed for these properties. |
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Key
Criteria for Small Farm/Rural Home Loans: |
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- Single-family,
owner-occupied detached residence located on the property.
- The contributory value of the Dwelling should represent 50% or more of
the total appraised value. Maximum Dwelling value is $213,189.
- Maximum
Loan-to-Value is 97%.
- PMI
required on loan-to-values greater than 80%.
- Loan
must be secured by a first lien.
- Maximum
Loan Amount $359,650.00
- Property
must be located in rural area or incorporated municipality
with 2,500 or less population.
- Primary
use of the property must be residential.
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Advantages
of Our Small Farm/Rural Home Loans: |
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- Competitively
priced 30-yr, 20-yr, 15-yr, or 10-yr fixed or variable interest
rates.
- Standard
residential mortgage documents and credit underwriting.
- Monthly
payments.
- Property
may be used for both residential and limited agricultural
purposes.
- Number
of acres flexible.
- Property
may be accessed by private road.
- Easements
may be permissible provided such easements do not render
the property unmarketable.
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