Friday, April 8, 2016

Can you get a mortgage for a home/property with a current gas lease on it?


We are putting an offer in on a home. Its on 7.5 acres. It has a current gas lease on the land. The lease as well as the Oil Gas and mineral rights transfer to us at closing. The lease expires May 2019.

conventional loan. First time home buyer (lowering our money down)

Work is going on in the area but nothing to close to our possible home/land. I believe the gas company bought the lease just in case. The home owner got very little money for it. We would have say on where things would go IF anything would go thru.

Can we get a mortage on this land?
We were pre-approved for the home.

credit scores 780-800
Added (1). Our broker did not seem to worried about it. But I'm reading other things other places that major loan companies see this as a major negative.

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