Quote from @Nick Conley:
Joshua,
Fannie Mae allows up to 75% on investment properties that are 1-unit properties. Can you confirm how many units the property is?
Second homes have additional benefits but you would need to verify how often the home is used by you versus rented on your tax return.
As @Robin Simon was saying, the acreage can become an issue when it comes to an appraisal specifically. I would get ready for your appraisal to be pretty expensive due to the amount of work an appraiser will have to put in. Finding other similar properties to compare a 62 acre property and the home you have on it can be tough.
With regards to the points and fees test, that is where you may want to shop the rate around. It seems like the do not have anything they can offer without an excessive amount of fees. Other lenders may be more aggressive on their investment property rates and have options with less fees and or possibly better rates.
It is a one unit SFH. Recently got the certificate of occupancy and shopping around for refi.
I would estimate the home will be used by us 2-3 months a year and the rest of the year open to VRBO. What benefits are you referring too? Also, how does the amount of time per year we spend there matter? Sorry, I am learning as I am going here lol.
To Robin's point, KeyBank has mentioned that only include up to 10 acres as part of the property value (conventional QM loan). I think this is how they handle properties with more acreage. I did speak with the appraiser and he said there are way to go about appraising the land depending on the lot and use of land. It is in a rural area with similar properties, so I am hoping this is in our favor.
I am glad to hear your recommendation about the points and fees. Getting 75% LTV is important to pay of some off some of the debt I have from building the house. Do you have a mortgage company you think is reputable and has an aggressive approach that could work? I am looking at Prime Lending now, in addition to Key. Thank you!
