June 12th, 2017 10:14 AM by Andrew Liu DRE: 01109246 NMLS#249736
Case Study 06.12.17
Many people who live in the Bay Area are tired of the
traffic congestion and a long daily commute which seems to be getting worse every
single day. Their homes are not much of a
sanctuary either, the developers have built homes that are so close to each other,
they can literally open a window and shake their neighbor’s hands.
To avoid such stressful living, many people have chosen to
move away from the Bay Area and live on the outskirt of the big city so they
can have their peace and tranquility back.
Recently, a client of mine visited a home with 40 acres of
land, and he fell in love with the home immediately! He decided he can see himself hiking on his
own property without running into anyone. He said he can picture himself
sitting under the mature giant oak tree, reading a book, and enjoying the
gentle breeze during the hot summer months.
There is just one challenge, his bank won’t lend him money
for the purchase, because nearly all loan programs will only allow for maximum
lot size of 5 acres. Over that amount it becomes an agriculture loan which
would have entirely different qualification criteria. However, my client has no
intention of doing any agriculture business beside planting few grape trees and
setting up a vegetable garden.
Lucky, I found him a “hobby farm loan” which tailors
exactly to his situation. He was able to
finish his purchase and move in right before the summer.