First time home buyer questions

Do you own a home or property in MN that we could draw money from for a down payment on that property?

First off, you really need to be asking for answers in the state where the property is located as they may have some "special" financing that Minnesota Lenders aren't aware of. Going to a bank, they will keep the financing in house so they will want/need to to a short term. Your 2 options from my 35 years of MN knowledge is either split off the house to do an RD loan and go to the bank for the land only or look into a hobby farm lender that will do a longer term. Again, I'm not sure who that would be in Nebraska.Good Luck!

Too many people think they can buy homes with little to money, yet it rarely works out that way... You don't mention a price, or what you have to spend.. Your thought, if you could get the seller to split the lot would possibly work, but more often than not, I've seen these lofty dreams fall flat. You need many things to all come together to get the ultimate prize. Talk to a local lender near the property... and good luck

That's a tough one.. your a first time home buyer looking for a low to no down loan.. and your looking at 40 acres on top of that.. this is a tough loan even if you had impeccable credit and bought multiple properties.. but near impossible for a FTHB.. Ditch the dream.. and start looking at real possibilities for your scenario.. learn to crawl before you can walk.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If I were you, I would repost and insure that Ne not MN is chosen. Sometimes if the seller has minimal balance remaining, paying with a mortgage for the house and 5 might provide enough cash and allow an installment contract on the remaining land. If not do a search for farm or hobby farm lenders in NE. Good luck

Ok.. so a family purchase complicates things even more.. When your purchase a property from a relative, it's considered a non-arms length transaction.. the loan to value requirements are lower, depending on the type of loan your going after.. FHA for example will only go 85%, while conventional financing will allow 95%. Each lender will have their own guidelines above and beyond conforming guidelines.. it's these "overlay's" that could require a higher down payment.. Here's the best advice I can give you.. contact a local mortgage broker.. not the local bank or credit union.. they are too small and they have limited lending programs.. brokers usually deal with 15 to 30 different lenders with each one offering a different set of lending programs.. more options means better chance of getting a loan.. It would be beneficial to you right now to have the property split from the acreage.. then you can purchase the property right away since it makes the scenario less complicated.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com