He owes 190k on the current home

I'll vouch for jay as well. Handled our loan.

Quote:

---

Is your $550-600k home paid off? Your numbers imply it is because the 80% ltv includes your primary loan. Also, you have to do all of that before you put it on the market of I recall correctly.

---

No, but I have the cash to do so immediately if necessary, so effectively yes.

Mas89 said:

---

Assuming your credit is good and you have a decent job, why don't you get a conventional loan from a land bank and buy the property? You can figure out your future home sale and making annual payments or paying it off later. The size loan to your assets you've posted make it sound like a easy deal to get done. After paying the 20 percent down, you'll have a year after closing before the annual payment is due. Close on the property and then worry about the details. It will all work out.

---

I'll second this. Capital Farm Credit, longtime TexAgs sponsor, can handle something like this easily.

aalan94 said:

---

Quote:

---

Is your $550-600k home paid off? Your numbers imply it is because the 80% ltv includes your primary loan. Also, you have to do all of that before you put it on the market of I recall correctly.

---

No, but I have the cash to do so immediately if necessary, so effectively yes.

---

Well I wouldn't pay off your loan, presumably at better than current rates... Only to borrow it back at a new higher rate.

So your calculation is cash on hand.. plus loan to 80% equity and/or loan on purchase of land from the estate (which buying from the estate is actually what is happening I would presume). I hope you are actively discussing this with a qualified lender. I think you could really mess this up, and hopefully you know if you will be approved for all of this borrowing, I'd think timing of putting your current home on the market could be a big factor.