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About John Whitehead
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President of mortgage brokerage busines in Middle Tennessee since Jan 1994. I have expertise in all types of mortgage loans, i.e. purchase money, refinancing, bill consolidation, home equity loans, no down payment loans, 1st mortgages and 2nd mortgages and Home Equity Lines of Credit, (HELOC). I know nothing about FHA loans.

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Real Estate Home Mortgages - Refi's

Expert: John Whitehead - 4/5/2004

Question
Hi Mr. Whitehead,

I work for a mortgage broker. We have a client who has an unusual situation. He wants to refinance his home. It is a 20 acre property on which he has built his home on top of horse stables. It is worth around $500,000. We have tried every where we can think and no one will touch it with a ten foot pole. If it helps you any this property is Ag exempt. Do you have any ideas on who we could contact to refinance this property?

Any help would be greatly appreciated.

Thanks so much for your time,

Amanda

Answer
Amanda, Light of my life,
Can you imagine what their bedroom smells like? Whew! Over a horse stable? And you think someone is going to make these people a loan? You got 2 chances. Slim & none.

Anyway,
The local bank is going to be the best shot. Farm Credit Services may do it. They will pay a broker 2 points. You might try these:

http://www.brokeruniverse.com/grapevine/
http://www.weirdloans.com/
http://www.nationalmortgagenews.com/buyersguide/

Wish I could be more help
John

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About Real Estate Home Mortgages
This topic answers questions related to purchasing a home, owning a home, home ownership, mortgage education, mortgage applications, and mortgage needs whether buying a first home or refinancing a current loan. Issues related to home ownership, home equity, mortgage education, refinacing options, home improvment finacing, first time home loans, home equity loans, vactation home loans, and mortgages for investment homes are dealt with here also. Though not the primary focus of this topic, Home Equity Lines of Credits (HELOCS), reverse mortgages, and calculating home equity may also be asked. If you do not see your home mortgae, home finacing, or home equity question answered in this area then please ask a question here