# 100% USDA financing for Ranch on 9+ acres outside Roanoke VA



## Farmer Porky (Jul 26, 2008)

http://www.zillow.com/homedetails/2141336855_zpid/
We are re listing our dream homestead at $249,900. According to NPR the 100% USDA rural financing is still available and there are thoughts of expanding it. Our property is located in Franklin County Virginia not far from Smith Mountain Lake and qualifies for the 100% financing plus you are able to include some closing costs. This is a great opportunity to start you self sufficient life style. It has a stocked spring fed pond teeming with bass,catfish and bluegills. You can have any type of livestock it is zoned for agriculture. There is so much more we could say about our little piece. We have decided to move further out in the county to expand on our self sufficient quest.


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## Nette (Aug 17, 2003)

I would check on that USDA (Rural Development) financing... House and 9 acres is not something they would typically do with the Direct Loan Program. *Possibly* they would do it with the Guaranteed Loan Program, whereby you would get your funding from an approved lender and RD would guarantee the loan. For either program, there is limited funding available right now. There's talk that with Obama's stimulus package, that may change, but hard to say right now...


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## Farmer Porky (Jul 26, 2008)

yes this guaranteed loan program is what the mortgage person explained to me...as of 2 weeks ago when she sent me the work up on the old price it was still a go...but as you said we do not know how long this will last


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## whinnyninny (Aug 17, 2005)

From what I understand of the USDA Rural Development loan program, it is for people of "limited" means who have no other suitable place to live, and there is an income limit. When I was getting ready to put my house on the market, a realtor friend of mine thought my house ($160K-ish price tag) would be eligible, but it is not because someone would have to be above the income limit to be able to afford the payments. 

There's the FHA loan program, I heard there were efforts to expand that...


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## Nette (Aug 17, 2003)

The Guaranteed Loan Program is for folks in the "moderate" income level. They use the HUD income limits, which are determined by county. There is no payment assistance offered on these type of loans. You pay the monthly payment that's on the promissory note, plus taxes and insurance. The advantage of the Guaranteed Program over a bank's conventional loan is that you don't have to pay the large downpayment that they might otherwise require. Another advantage is that this program is usually FULLY funded. In other words, you don't have to play the waiting game that is typical of Rural Development's Direct Loan Program. Although they don't have funding right now, it is expected that it will be fully funded again this year.


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## Farmer Porky (Jul 26, 2008)

We have re-listed our little homestead and dropped the price $10,000 along with the 8,000 stimulus first time buyer we hope to get some action.http://www.fsboroanoke.com/house_detail.php?house_id=1981


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## Farmer Porky (Jul 26, 2008)

I have spoken to some real estate people and they say things are starting to really pick up. The one problem with the good houses is they are competing with the trashed repos and not appraising for enough. We in franklin county are doing much better since most of the repos are at Smith Mountain lake and were way over priced and maxed out on the mortgages. Our house is still priced at under the appraisal. Plus we have some great perks for those looking into getting back to the land and producing most of their food along with an expanding farmers market at Smith Mountain Lake to sell your excess.


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## Farmer Porky (Jul 26, 2008)

We are now thinking of a program by one of the Realtors in the area called "Assist to sell" they basically list your house on the MLS site and you agree to pay a 3% commission the the selling Realtor (the one actually bringing in the deal that closes) this package stats at $1000 prepaid,they also list it on their on line site and a few others. Any one have any experience or thoughts on this?


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## Joshie (Dec 8, 2008)

Farmer Porky said:


> We are now thinking of a program by one of the Realtors in the area called "Assist to sell" they basically list your house on the MLS site and you agree to pay a 3% commission the the selling Realtor (the one actually bringing in the deal that closes) this package stats at $1000 prepaid,they also list it on their on line site and a few others. Any one have any experience or thoughts on this?


Our house is up for sale. Our agent is a friend f mine and is charging reduced commission. She told me that other agents won't bring in people unless they can get at least 3%. I think you might do better if you hire an agent but get them to take a reduced commission. Ours is taking 6% instead of the usual 7%.


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## Farmer Porky (Jul 26, 2008)

We listed with a service that gets you on the MLS for $199.00 for 3 months we agreed to pay 3% to any the realtor that brings in the deal that closes. The national MLS # 466595 and the roanoke Va MLS #746369. We hope that this will move the house this summer so we can move on.


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## whinnyninny (Aug 17, 2005)

I have mine on the MLS too, I paid $349 for 6 months... and I have gotten ONE lead from that (I've gotten more responses from Craigslist, which is free). Of course, I just found out from a realtor last week that the reason I've had no interest in my MLS listing is because the pictures were terrible! I paid $50  today to have the pictures replaced with nicer ones, so maybe that'll get me more responses...



> The one problem with the good houses is they are competing with the trashed repos and not appraising for enough.


Oh yes, I am finding I have that problem. I had a realtor (different than the other realtor I mentioned) come look at my house on Friday, and he said, "Wow, this is the NICEST manufactured home I have EVER seen!" But, there are only so many people willing to look at manufactureds no matter how nice they are, and I am competing with a LOT of 'cheapo repos'... nowhere near as nice and often they need work done, but they're a lot cheaper, and cheap is what's selling right now...


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## Farmer Porky (Jul 26, 2008)

We have just reduced the price to $239,000. Hope it sells.
The MLS service we used is MLSyourway.com


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## Farmer Porky (Jul 26, 2008)

We have just reduced the price to $229,000 Lets hope this gets them movin


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## Farmer Porky (Jul 26, 2008)

Update !! Roanoke Virginia made Money's # 16 spot out of the 25 Best affordable places to retire. Hopfully this will help to sell our homestead since we are only apox 16 miles out of downtown Roanoke.


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## MN Gardener (Jan 23, 2008)

WOW! I can't believe it is a manufactured home....are you sure it is not modular??!! It will make a big difference in selling. The issue with manufactured home is that except for FHA and Rural Dev most lenders will not lend on them. At least in the area I live in.


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## Farmer Porky (Jul 26, 2008)

This is a stick built home with floor trusses on a full basement.


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## Farmer Porky (Jul 26, 2008)

maybe the extension of the homebuyers tax credit will help


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## Farmer Porky (Jul 26, 2008)

we have a contract price reduced but 100% cash we close next week!!! Hope to start developing our 40+ acres in the next 60 days.


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## Farmer Porky (Jul 26, 2008)

All sold and gone!!


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