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Lender to Refi Ag Exempt, Manuf. Home Property

1,249 Views | 13 Replies | Last: 2 mo ago by Corps_Ag12
Max06
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8:40a, 2/11/24
AG
Looking for lender(s) that will refinance an ag expert property with MH in place, homestead. Was/is owner financed and they want out.

Lots of equity in the land itself. ~15 years left on the note. What are the options?
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unmade bed
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9:04a, 2/11/24
Depending on amount and value of the land (i.e. if the ag land has more value than the improvements), Capital Farm Credit may be an option. They will take Ag exempt land as collateral.
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Max06
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In reply to unmade bed • 9:15a, 2/11/24
AG
Not with a MH on it
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SteveBott
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12:27p, 2/11/24
AG
You could survey out 14+ acres and leave the MH on what's left and sell the 14 separate. If a homestead mortgage is on the property you would have to get lender approval which is doubtful
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Max06
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In reply to SteveBott • 6:02p, 2/11/24
AG
Would lose ag exempt on both parcels, which is a no-go considering the appraised value.
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SteveBott
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In reply to Max06 • 7:17p, 2/11/24
AG
You don't have Ag exempt on a homestead. It's improved property and taxed as such. Not sure why you would automatically lose Ag exempt on a carve out of half to one acre and leaving 14 as is. Ps I've done this before but it is tricky. My clients did not lose exemptions.

Why do you think you would lose exemptions?
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Max06
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In reply to SteveBott • 8:29p, 2/11/24
AG
They've explored that option already and that's what the county told them.
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SteveBott
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8:55p, 2/11/24
AG
I think the county is wrong. But arguing with them is probably a losing option
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normaleagle05
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7:54a, 2/12/24
AG
Looks like Steve is reading 15 years as 15 acres?

How many acres is it and in what county? That makes a difference for the ag exemption.

I don't get how you can have ag and homestead exemptions now that wouldn't survive a refinance. Be careful with what the County or CAD tell you, they're often wrong.
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Red Pear Luke (BCS)
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8:13a, 2/12/24
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AG
Any ability to work the MH to the property to count as real/permanent property and titled/deeded as such?

Would that allow a lender to get past the manufactured home and still finance?

https://singlefamily.fanniemae.com/originating-underwriting/titling-manufactured-homes-real-property
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GrimesCoAg95
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11:22a, 2/12/24
AG
I agree with eagle. what are the details including loan amount.
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normaleagle05
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In reply to Max06 • 11:57a, 2/12/24
AG
If the purpose is solely to get the previous seller out from under the deal, what leverage do they have on the buyer to make them refinance? I'm reading that to be the case here, anyway.

Couldn't the seller just market the note? Why does the buyer owe them a pay out?
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Furlock Bones
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In reply to normaleagle05 • 2:15p, 2/12/24
AG
this.
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Corps_Ag12
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7:55a, 2/13/24
AG
It sounds like she's trying to buy it from the seller.
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