Home Buying in Sequim>Question Details

texas7marie, Home Buyer in Sequim, WA

pitfalls buying homes with large acerage (7 & up?) r good homes really selling for under $200,000

Asked by texas7marie, Sequim, WA Thu Feb 7, 2013

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Hi Texas7,

Do you know what's even better? You can buy a home in Sequim WA with no money down using the USDA mortgage.

One of the best things about this mortgage is the monthly mortgage insurance is substantially less than an FHA or conventional mortgage and that's with no money down.

Here's an example: An FHA mortgage of $155,000 is going to have a monthly mortgage insurance payment of $161.45 but on a USDA mortgage it's only going to add $51.66 to your monthly payment.

The other nice thing is you can actually roll your closing costs into the loan as long as the appraised value supports it.

Please feel free to contact me for more information or help. You can also find info on my USDA Mortgage website by clicking the link below.

John Burke
Senior Mortgage Banker
Peoples Bank & Trust
(877)228-9069
1 vote Thank Flag Link Thu Feb 7, 2013
Each large vacant parcel of land has it's own unique checklist of due diligence items, so it's important to know the area and the relevant issues for land in that area. I wrote an article on a land checklist you may want to see at:

http://www.sequim-real-estate-blog.com/buying-land/purchasin…
0 votes Thank Flag Link Thu Feb 7, 2013
Dave touched on it, the details surrounding the 5 acre limit in my area springs from the land to improvement ratio. The sweet spot is 25% land value and 75% for improvements. When you get much above 5 acres in most areas the ratio gets out of whack. May not be a problem if you have a large enough down payment or are paying all cash and not financing any of the purchase price. If either of those describe your position then move on to the exit strategy. How will it impact the buyer if you want or need to sell some day? One of the most common mistakes buyers make is not having an exit strategy before they buy. Good luck,

Jim Simms
NMLS # 6395
JSimms@cmcloans.com
Financing Kentucky One Home at a Time
Web Reference: http://jamessimms.com/
0 votes Thank Flag Link Thu Feb 7, 2013
Possible as long as it is far from a metropolitan area. Otherwise $250k more likely.

Good luck to you in any case,
Jirius Isaac
Isaac Real Estate Team
Champions Real Estate Services
TriStar Finance #MLO-107799
Office: 425-483-6849 Cell: 206-841-9976
Winner of Seattle Magazines 5 Star
Real Estate Agent Best in Client Satisfaction Award
Mortgage Loan Originator Best in Client Satisfaction
0 votes Thank Flag Link Thu Feb 7, 2013
one challengfe for buyers is obtaining loans / financing for anythign larger than 5 acres ...make sure that your pre approved and that the lender is OK with 5 acres +
0 votes Thank Flag Link Thu Feb 7, 2013
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