“Lower Rate and Lower Down Payment”

“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!


Subscribe to my blog via Email:


Enter your email address:

Delivered by FeedBurner


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

Email: joe@righttracfg.com



Like me on facebookfollow me on twitterConnect with me on linkedin

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.

Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.

Comment balloon 7 commentsJoe Petrowsky • January 06 2020 02:19PM


Good morning Joe. Banks just don't seem to get it. Advantage mortgage brokers with sources. Enjoy your day!

Posted by Wayne Martin, Real Estate Broker - Retired (Wayne M Martin) about 1 month ago

Would that the world were simple. But when buyers come to you they find it much easier to go through the mortgage process thanks to your knowledge and e

Posted by Lise Howe, Assoc. Broker in DC, MD, VA and attorney in DC (Keller Williams Capital Properties) about 1 month ago

Thanks for sharing!

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!


Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) about 1 month ago

Good morning, Joe Petrowsky your job is anything but simple and you do a great job of it....

Posted by Barbara Todaro, Marketing Agent for The Todaro Team (RE/MAX Executive Realty ) about 1 month ago

I wish we had one loan officer with a bigger portfolio of products, we have this guy for this and that gal for that and the other person for the other thing.  We have a lot of unique leasehold properties in our market.

Posted by Don Baker (Lane Realty) about 1 month ago

Hi Joe... always love and enjoy your posts... anyone seeking a mortgage should do their best to seek you ...

Posted by Beth and Richard Witt, Long Island Cash Home Buyer 516-330-6940 (Long Island Cash Home Buyer) about 1 month ago

Sounds like you have a lot of investors in your mortgage portfolio.  That's really not common locally in my market.  We have two that do manufactured, one that does full leaseholds, one that does strip lease holds... 

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) about 1 month ago