Yes, you may need a Private Road Maintenance Agreement (PRMA) to qualify for a mortgage, but it depends on the loan type. Some mortgage programs require a PRMA, while others accept a recorded easement or state-assigned maintenance responsibilities. Here’s what you need to know:
Conventional Loans
FHA Loans
USDA Loans
VA Loans
To learn more about specific mortgage requirements, or to get help drafting a Private Road Maintenance Agreement, be sure to speak with an experienced mortgage broker.