Is there a way around the USDA home loan land/home ratio requirements?
Our prospective farm (house + acreage) was appraised at the land 45%, the home 55% of the appraised value. Apparently USDA has a strict 30% max land value to 70% home value requirement. The appraisal was off in my opinion but our mortgage bank can’t pick USDA’s appraisors for this loan.
Any thoughts on whether, the seller (who is a friend of ours desperate to sell) can only sell us 10 acres and “retain the rest himself” thereby only “officially selling us a portion of the land improving the ratio. I’m considering working that angle with the seller and a new lender… Any input, suggestions, experience with this would be greatly appreciated. Thanks.