# A question for realtors



## KentuckyDreamer (Jan 20, 2012)

I am posting this in case anyone on the list is able to help me. Here is my question;

My son wants to buy a homestead in another state. He has a sizable down payment and wants to continue with his job here until he settles completely on the new place. I would live on the homestead and pay any mortgage payments but it would be in the name of my son only.

How does one get financed for property in another state? Is it even doable? We are trying very hard to find a place that is move in ready for under $200,000 ( way under  ) with about $70 to $90 k down. My son works in Ohio and is looking in Ohio, Ky and now Missouri.

Thank you for any information.


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## hickerbillywife (Feb 28, 2014)

I'm not a realtor but recently went through something similar. We had to have an investment/rental loan with a higher down payment because a job transfer took longer than expected. I think we went from needing to have 5% down to 10% down


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## simi-steading (Sep 27, 2012)

Shouldn't be any issue getting a loan for a property in another state.. We did that in 2012... They didn't question it at all.. I'd imagine so long as your son has good credit, they will be more than happy to give him a loan. It's common for people to buy property in another state and not move.. .Think vacation properties, or hunting camps.. property is property, no matter what you call it.. 

BTW, I am not a realtor..


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## KentuckyDreamer (Jan 20, 2012)

This morning I did what I should have done a month ago...contacted the people at Farm Credit. Son will start the procedure for pre approval. That will give us more of an idea of how much we can realistically handle...we are not looking soley at how much they will loan us, but how much we feel comfortable with.

That will open the door for us to even bid at auctions. Something we had ruled out.

They said even if a house will not qualify for financing, with the size of our down payment, the land may cover it. 

One thing that scares me is the questions about how we intend to farm i.e. cattle, row crops, etc. We had not intended to make money from the farm, just live. One hurdle at a time.

One day at a time.


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## simi-steading (Sep 27, 2012)

I went with farm credit too. They never asked me what I intended to do with the land or how I would farm it.

They also din't consider future income. All they looked at was what my credit rating was now, and what my yearly income was.. They did know I was also intending to move to the farm within a year or so, thus they knew I'd be leaving my present job.. They had no issues with anything.. Matter a fact, they kept offering me more money, for equipment, or to restore the house or what ever.. .I turned all that down.. I just needed the purchase money..


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## mnn2501 (Apr 2, 2008)

Same way you get financing in state -- apply for it.
Most banks only care about do you have a job and can you meet their standards for making payments.
With $70K down on a $200K place they'll treat you like kings.


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## ChristieAcres (Apr 11, 2009)

KentuckyDreamer said:


> I am posting this in case anyone on the list is able to help me. Here is my question;
> 
> My son wants to buy a homestead in another state. He has a sizable down payment and wants to continue with his job here until he settles completely on the new place. I would live on the homestead and pay any mortgage payments but it would be in the name of my son only.
> 
> ...


 All you son needs to do, is get pre-approved with a Lender. Farm Credit is an excellent choice. That way, he will be prepared to submit that pre-approval with his offer. Most Sellers won't accept offers without pre-approvals, accompanying them. That is a great plan, btw! I have represented out of State Buyers and successfully closed the transactions without a hitch.

I am a Realtor, but you already received good advice from others :goodjob:


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## dking61 (May 12, 2014)

In utah there are a lot do seller financed lots 5 - 40 acres some better than others makes sure you have good water supply and it will perks . rate is higher than bank but once you build a cabin you can often refinance we got 2 lots abt 10 acres total side by side and started with a rv now we have built chicken coops ( we have about 40 chickens) stables goats hutches rabbits hutches garden two cabins. Barn and shed and farm stand in a little over a year we used surplus supplies old pallets supplies from dump and freebies we believe in recycling , for storage free old camp trailers are all around here and they also make good livestock homes none of our financing has got through a bank and we will be free and clear in less than 10 years
View attachment 29629
View attachment 29630


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## ChristieAcres (Apr 11, 2009)

Seller financing is great, as we are doing this ourselves through a family member. That said, we wouldn't do it EVER without being recorded!


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## KentuckyDreamer (Jan 20, 2012)

I know I have said this before...but I am so overwhelmed. This is the biggest decision of my life ( I am 59 ). This may sound "trite"to some, but I literally wake up praying; thanking the Lord for another incredible day and pleaded to be led to the right place. Every day.

I have not seen owner finance on a move in ready home, within our budget. Seems the things I really like are $250,00 or so. I simply am not willing to saddle my family with that type of debt. I am doing this for peace of mind, peace of soul, and freedom


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