for mortgage purposes what is the difference in rural and suburban?

Deal Score0

ive been approved for a loan providing the house is classified suburban and not rural, what is the difference?

3 Comments
  1. Reply
    Life's Drifts
    May 19, 2011 at 2:17 am

    I believe that Rural is outside of a city and in the country side area, and suburban is an addition to an Urban center (city/town) around its’ peerimeters usually. Jose

  2. Reply
    DEVILSCORNER
    May 19, 2011 at 3:08 am

    Plainly: rural is living somewhere far off because the land isn’t really developed and suburban is where you live far off because you paid to not have anyone else around. Rural is more like living out in the country, suburban is like living in a county.

  3. Reply
    Kaz
    May 19, 2011 at 3:39 am

    devilscorner…you said “plainly” and I am not even too sure what you said……..

    Each lender is going to have their own terms for what their definition of “rural” or “sub-urban” is. Most of the time, if there are homes around you and the appraiser can proved it, then the lender will consider the home sub. Rural is basically going to be in the middle of no where.

    Leave a reply

    Register New Account
    Reset Password