Hello Eleanor, We live on a private dirt road that is a common relief. We are the first house on this road, about 50 meters from the main road. We have a contract on our house, but the buyer has tried for a VA loan. Our real estate agent just told us about the fall of the situation on the street. Is it possible to get this stretch of road that leads to our access, covered and professional with gravel, which is enough? I do not think we will be able to get the other 6 residents to step in and sign an agreement to maintain it. We are so close to the main street and the first house on this dirt road. What happens if the buyer agrees to maintain this stretch of road? Thank you. Veterans administration is stricter than the FHA on private roads. Chapter 12 of the VA Manual states that «private roads must be protected by a sustainable facility and maintained by a owners` association or a common maintenance contract.» Public housing companies that offer down payment allowances or subsidies generally follow the first mortgage guidelines. If you use a first FHA mortgage with DPA, FHA should predominate in road maintenance guidelines.
If you are looking for a home in the country – here in NC, we think the USDA loan program is probably the best. What for? Because USDA loans do not have a down payment and they have the lowest monthly PK rates we can offer (unless you are a veteran). Pamela can be a form that your lender, and your lawyer can create that you are responsible for the road… But I don`t want to take on that responsibility?? The USDA guidelines also state that «the road is automatically managed by the public and meets this requirement.» The biggest problem arises when there is no private road agreement. Worse still, the idea of getting about 40 landowners to sign an agreement before closing. Fortunately, there are a few possible solutions to this problem: we are in the process of buying properties from the owner of a large plot of land near Asheville. He divided it into 9 parcels of different sizes. 21, 10, 11, 12, 13, 12, 11, 12, and our 47-hectare lot at the end of the road. None of the lots were sold. Since we are the first buyers, the owner discusses with us how to set up RMA. Of course, we would love for all packages to pay the same way. His first idea was that whoever owns the most property would pay for most of what had nothing to do with road use, and then he proposed the number of dwellings that we thought were a problem, because it was a changing number and that would keep an overview and impose change.
We also know that depending on the amount of road you use to get to your property. That would mean we would pay the most. Are there other ways to determine the percentage each homeowner pays? What do you suggest? Thanks, so many conventional Fannie Mae loans require that real estate on a private road have a «reasonable, legally enforceable or confederation agreement for road maintenance.» Fannie also notes that the registered document should include the following: Keep in mind that each credit program has different guidelines on this.