“Lower Rate and Lower Down Payment”
Please find a copy of the purchase agreement for the property we are buying and as you will see the sellers agreed to do the transaction subject to the sale of our home. Our current home just hit the market Monday, we are having an open house this Saturday and there is still some cleaning and organizing to finish up. We have already had a couple of showings, the Realtor feels it will go on deposit pretty quickly as it is priced to sell.
As we discussed we will pay off all of our short term obligations, so that the only thing we will have going forward is the mortgage on the home we are buying.
We will start sending you the documents you requested and would like to meet next week to do the mortgage application. We are still a bit concerned about being able to obtain a mortgage for this horse farm, but our Realtor indicated that you have gotten many mortgages for this type of property. Farm Credit was not a good option for us as you know, as the down payment required was higher, number of years allowed was shorted and the rate was higher. Better yet, our bank had no clue how to get us a mortgage with a property that has a horse barn and 20 acres of land.
Thank you in advance for all your help and coaching.
I wish every mortgage was simple, but not the case. Most banks are looking for “simple”.
However, most transactions aren’t simple. Not everyone has 20% down, not every borrower has 800 credit scores or w2 income and not everyone is buying a “typical” home. I’m very comfortable working outside of those parameters!
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
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