Home Mortgage

Fannie Mae Home Page Our Business Is The American Dream Search Home Fannie Mae News Media Initiatives Issues & Commentary Translated Documents About Us About Fannie Mae Corporate Governance Investor Relations Diversity & Inclusion Careers For Business Partners Affordable Housing & Community Development Single-Family Multifamily Tools & Resources Debt Securities Mortgage-Backed Securities For Home Buyers & Homeowners Homepath Find a Mortgage Find a Lender Search Resources Headlines Highlights Fannie Mae Board Appoints Beth Wilkinson as General Counsel and Bill Senhauser as Chief Compliance Officer December 20, 2005 Read More 2006 Single-Family Mortgage Loan Limits to $417,000 November 29, 2005 Fannie Mae announces that it will increase its single-family mortgage loan limit to $417,000 for 2006 in the continental U.S., and $625,500 in Hawaii, Alaska, Guam and U.S. Virgin Islands. Read More Fannie Mae Board Appoints Robert T. Blakely as Chief Financial Officer and Announces Other Key Executive and Board Changes as Company Files Form 12b-25 with SEC November 10, 2005 Read More Fannie Mae Announces Third Quarter 2005 Investor/Analyst Conference Call Fannie Mae hosts its Third Quarter 2005 Investor/Analyst Conference Call for the investment community on November 10, 2005 at 8:30 a.m. Eastern Time. Investor/Analyst Conference Call Read More Fannie Mae Announces Fourth Quarter Common and Preferred Stock Dividends; Company Maintains Common Stock Dividend of Twenty-Six Cents Per Share October 18, 2005 A dividend of 26 cents ($.26) per share will be paid on November 25, 2005 to registered holders of common stock as shown on the books of the corporation at the close of business on October 31, 2005. Dividend payments on preferred stock will be made on January 3, 2006 to registered holders of preferred stock as shown on the books and records of the corporation at the close of business on December 15, 2005. Read More Fannie Mae Prices New Issue 2-Year Benchmark Notes ® December 21, 2005 New issue 2-year Benchmark Notes ® due January 15, 2008. Read More Fannie Mae Releases "Housing Solutions" The publication describes how Fannie Mae's mortgage initiatives, investments and business strategies are designed to help mortgage lenders and other housing partners expand affordable housing. Read More Statement from Stephen B. Ashley, Chairman of the Board, Fannie Mae Fannie Mae and OFHEO have entered into a supplemental agreement that represents the next step in Fannie Mae's cooperative effort to address issues raised by OFHEO in its ongoing review of the company. Read More Our Role in Expanding Responsible Lending Fannie Mae is working in local communities throughout the nation to help develop solutions to promote responsible lending. Read More Our Commitment to Minority Homeownership No company in America is more committed to expanding minority homeownership. Read More Fannie Mae Sites eFannieMae.com To conduct business with Fannie Mae, visit our business-to-business Web site, eFannieMae.com. Read More Resource Sites Fannie Mae Foundation Revitalizing neighborhoods and creating affordable housing opportunities for over 20 years. Read More Homeownership Alliance Dedicated to preserving, promoting, and expanding housing opportunities. Read More ©1998-2005 Fannie Mae Contact Us FAQ Site Map Advanced Search Privacy Legal

Land Loan

Farm Bureau Bank | Land Loan Pre-Qualification Form -- Land Loan Pre-Qualification Form Congratulations on taking the first steps towards purchasing or refinancing a home. The answers to these basic questions will help us process your prequalification form. * Indicates required fields Personal Information Please provide the following information: -- First Name MI Last Name Address City State Zip Code Please Select Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming Email Address * Telephone ( ) - Loan Type Please provide the following information: -- * Is this a purchase or refinance? Purchase Refinance If it is a refinance, is it a cash-out refinance? Yes No If it is a refinance, what is your current rate and term? Rate % Term years Property Type Please provide the following information: -- Is the property owner occupied, Second Home, or an investment property? Owner Occupied Second Home Investment Property Single-Family Multi-Unit -- Estimated current value of property .00 Estimated loan amount based on sales price or refinance amount Residential Lot Acreage -- What is the size of the acreage? Is the acreage used for farming or agricultural purposes? Yes No Is this for the purchase or refinance of land only? Yes No Credit History Please provide the following information: -- * Have you had a collection problem on any loan or declared bankruptcy in the past three years? Yes No Contact Information Please provide the following information: -- * When is the best time for our mortgage loan officer to reach you should we need to call you back? Comments Please provide the following information: -- Are there any farm type outbuildings such as barns, grain bins etc on the property. If so, describe briefly in comments section.

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Article Index Finance Q&A Tools Index Site Map Recent articles by Liz Pulliam Weston: • Streamline your finances in 8 steps , 1/12/2003 • Ditch all fees for online banking services , 1/12/2003 • In clash of debit-card titans, consumers lose , 1/12/2003 More... Related Sites American Association of Small Property Owners Rental Property Reporter National Real Estate Investors Association The Basics How to find good investment property advertisement If you're cut out for it, life as a landlord can be quite profitable. But success isn't assured. Here's what you need to know before diving in. By Liz Pulliam Weston The idea of owning rental real estate seems to be gaining popularity as investors tire of the swoops and swoons of the stock market. As I pointed out in a separate column , not everyone has what it takes to be a landlord. But those who do may find rentals to be a good way to build wealth. Once youve made the decision to buy rental property, your real work begins. Finding a profitable rental property usually takes time, connections and plenty of research. Heres what you need to know to get started: Start investing with $100. Explore our new ETF center. Know your time horizon As with any other investment, you should have a good idea how long you plan to own a rental property before you buy it, says Robert Cain, publisher of the Rental Property Reporter newsletter. The longer you plan to own the property, the more youll probably need to invest in maintenance, repairs and improvements, Cain said. If youre keeping it for 20 years, at some point youre going to be putting a new roof on that property. Youre going to be putting in new appliances and doing some major repairs, Cain said. If youre only planning to own a property for five years, by contrast, youll probably want to avoid making any major improvements unless youre sure you can recoup the cost with a higher sale price. You also may face more investment risk with a shorter time horizon. Although your rental will almost certainly appreciate over 20 years, it could easily lose value in the next five, particularly if youre buying in an overheated market. Youll need a bigger potential annual return to make up for that risk. For many small investors, long-term ownership makes the most sense, said Pat Callahan, an attorney, landlord and founder of the American Association of Small Property Owners. Youll have plenty of time to ride out any swings in the market, and rental income can make a nice supplement to your day job. Find enough rental properties, and being a landlord may become your day job. Develop a network Experienced landlords find their properties in a variety of ways. Some hunt for foreclosures, making friends with city hall clerks or bank employees who know which properties are about to be sold. Some run ads in local newspapers. Others work with real estate agents who keep their eyes peeled for possible buys. Several landlords recommended joining a local landlord or property owner's association to make contacts. Callahans Web site offers links to local groups, as does the National Real Estate Investors Association. (See the links at left under "Related Sites.") When you begin to own rentals, all the other investors start coming out of the woodwork, said Sean Hoppe, a landlord in Pottsville, Pa., who owns 11 properties. Through investor meetings, networking, etc., I can find out what is for sale. (Hoppe, by the way, is 25 and hopes to retire from his job as a computer consultant in three years.) You also can try approaching landlords directly to see if theyre willing to sell, by calling the numbers listed on rental ads in the classifieds, by cruising neighborhoods looking for for rent signs or by talking to any landlords you know personally. Thats how Bob, who asked that his last name not be used, bought his rental property near Albany, N.Y. The landlord of the three-unit building where Bob had rented for 15 years was tired of the hassles and ready to sell. We love (the area) and jumped at the chance to buy it, Bob said. So far, Bob and his wife have been pleased with their purchase. They raised rents and required security deposits, which caused the propertys less desirable tenants to leave. He also has a backup plan for the building in case he starts to feel like the prior owner. If being a landlord got to be too big a hassle, Bob said, we would just get rid of the tenants and make it our own place. Get your finances in shape The better your credit, and the less credit card and other consumer debt you have, the better your prospects for getting a decent loan, Callahan said. Lenders usually require bigger down payments, higher interest rates and generally stronger finances when youre buying rental property. Thats because they know people are more likely to default on investment property than they are on their own homes. Landlords say it also pays to have a substantial cash reserve left over after buying a property. This can help pay for unexpected repairs and vacancies. Although there are few rules of thumb, setting aside at least one months rent for each unit is a good start. CPA Paul Berning suggests having a line of credit, secured either by the property or your own home, to cover larger costs. You also should make sure you can save enough for retirement and other goals before investing in rental real estate. While rental income can supplement your retirement kitty, most people shouldnt count on it to replace other investments or allow themselves to be entirely exposed to the whims of the local real estate market. Rents and property values can fall as well as rise, and those who are adequately diversified with investments in stocks, bonds and cash will be better able to endure the bad times as well as the good. Avoid overpaying As one experienced landlord put it: You make your profit when you buy a property, not when you sell it. Pay too much, and youll never recoup as much as you could have had you driven a better bargain. The rental real estate market is generally tougher on investors who overpay than on homeowners who do the same thing, several landlords said. While a home is often an emotional purchase, which can lead to I must have it! offers and bidding wars, most landlords look strictly at the numbers to see if their investments will pay off. If you pay too much for a rental, you cant count on a greater fool coming along later to bail you out. Not overpaying can be tough in a hot market, however. Apartments in New York, for example, currently sell at a 60% premium over their inherent value. In other words, theyre selling for much more than the income streams the apartments generate, according to Reis, a national real estate research firm. In San Francisco and Los Angeles, the premium is 10%. Some landlords use formulas, such as not paying more than six to eight times the rents they expect to make the first year. Others try to estimate what the property could be worth after needed repairs and upgrades are made, and they dont pay more than 70% of that price, less the cost of those repairs, CPA Berning said. Every real estate market is different, however, and these formulas may not work in your area. Whats key is to make sure your rental income will cover your out-of-pocket costs, Berning said. That includes the mortgage payment on the property, as well as taxes, insurance, maintenance, repairs and a vacancy rate of around 5%. (If you have five units, for example, you should expect at least one unit to be empty three months each year. Heres the math: 5 units times 12 months equals 60; 60 times .05 is 3.) If you can at least break even, youll be able to profit from any price appreciation as well as from tax breaks available to rental property. Cains Web site sells $55 software to help you make these calculations (see link at left). When crunching the numbers, you should know that theres a big difference in how repairs and improvements are treated for tax purposes. You can typically deduct the cost of a repair, such as patching a roof or fixing a leaking pipe, on your tax return for the year in which the repair is made, Berning said. Replace that roof or those pipes, however, and its typically considered an improvement, which means the cost cant be deducted. Instead, its added to the amount you paid for the property to determine your tax basis when you sell. The higher the basis, the lower your taxable profit. But if you have to wait 20 years after making a major improvement to recoup any of the cost for tax purposes, you may think twice about buying a property that needs a lot of upfront work, Berning said. To better estimate your costs, get a thorough inspection before you buy a property. Some landlords have favorite electricians, plumbers and contractors that they send to any prospective property, promising them that they can do any repair work they find. Others use professional inspectors they trust. Longtime landlords say all this work pays off in profitable properties that build their net worth while providing a steady income stream. Callahan, whose family started investing in rental real estate in the 1940s, says its a way of life she recommends. It doesnt matter if youre a professional or a laborer, Callahan said. Its the equal-opportunity wealth builder. 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