Lender question

Copa515

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4:02p, 5/10/17

AG

I'm purchasing acreage that has a house but the value of the land is a lot more than the house. (The tax appraisal for the land is about 280k and house is 65k). Are there any options for less than a 20% down payment? I can put 20% down if I have to, but I was wondering if there are any other options so I can save some more cash to renovate the house.

SteveBott

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4:44p, 5/10/17

AG

Most likely you need to go with a farm/ranch lender. For conventional loan that loan higher the home needs to be around 35% or more of total value. You could survey out the home but not sure if the numbers will work.

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Copa515

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In reply to SteveBott • 6:27p, 5/10/17

AG

Thanks for the info.

SteveBott

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6:35p, 5/10/17

AG

How many acres?

Copa515

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10:06p, 5/10/17

AG

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SteveBott

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10:41p, 5/10/17

AG

I just don't see it. You can carve out 10 acres and the house and get to100k for the land and 65k house, but need 190k for the additional parcel needing a land lender.

Go land lender with one loan and upgrade the house best you can.

Copa515

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10:50p, 5/10/17

AG

Thanks

CapitalFarmCredit

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3:50p, 5/17/17

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