With a VA renovation loan, you can buy a fixed upper with an extremely low interest rate. But these loans are hard to find. Should you look for an alternative? In short, you NEVER accept the classification or program requirements of a road. Even if the land is located along a dirt road, this does not automatically mean that it is a private road. The biggest problem arises when there is no private road agreement. Worse still, the idea is to get about forty landowners to sign an agreement before it is concluded. Fortunately, there are a few possible solutions to this problem: in simple terms, private roads are roads that are not maintained by the state. These roads are maintained by someone other than the government, for example. B by property owners or an association of owners (HOA).

A common misunderstanding is that all private roads are unpaved roads, but this is far from fair. In fact, there are a number of very beautiful, large neighborhoods with private streets. For example, a large golf community might have private roads. Condo communities may also have private streets. When is a private road maintenance contract required to qualify for a mortgage? First of all, it`s always a good idea to confirm the exact type of road classification with your local service for roads and bridges. Just because it`s an unpaved road doesn`t mean it`s also considered private. Many counties have different classifications of route types and it is always best to make and check the call. If you have any credit scenarios or questions, please email me so I can check them out and answer them – and this may even be the next highlighted credit scenario of the week! FEMA designates Special Flood Risk Areas (SFHAs). You can always buy a house in one of them. But only if you take out flood insurance. If the house is not insurable or you cannot purchase this insurance, the VA does not guarantee your loan. Are you looking for the requirements of the FTA road maintenance contract? You`re in luck! This credit program does not require a private road maintenance contract.

In case of ownership interest, protection by a permanently registered easement or when an HOA owns and maintains the road, the agreement is not necessary. Normally, every street would have one…