Property purchase question

[aggie82josh]

Something else to keep in mind. Unless it has changed recently, in Texas, you can not refinance ag exempt land. This came into play for us when we did a one time close for our house on land that was ag exempt.

[MONSTERKEN]

All of the properties have water and electricity established and 2 of the 3 have an old house on the property as well. Of course they would be torn down to build new but it is there right now.

I saw a video on YouTube where they used about 200lbs of Tannerite to bring down a old barn. Jus sayin. [emoji6] [emoji6]

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[M16]

This is one of my thoughts. We do a lot of business both personal and business related, with a local bank and have always been on excellent terms. I think I am going to start with them and see what happens from there.

Local banks are always a great option. Especially when they know you personally.

[M16]

Something else to keep in mind. Unless it has changed recently, in Texas, you can not refinance ag exempt land. This came into play for us when we did a one time close for our house on land that was ag exempt.

I don't believe that has ever been the case unless it was your homestead. And for a married couple you could still refinance anything over 200 acres. If you live somewhere else it has never been the case to my knowledge.

[Pineywoods Paul]

Something else to keep in mind. Unless it has changed recently, in Texas, you can not refinance ag exempt land. This came into play for us when we did a one time close for our house on land that was ag exempt.

I bought ~300 acres with timber exemption financed initially through a local bank. Refinanced two years later using Capitsl Farm Credit because of lower interest rate and owner dividends etc.

Had no impact on my timber exemption. Might be different with Ag exemption, but kinda doubt it..,

[BrianL]

It depends. It is possible to do as little as $0 down if you have the financials,LTV, and credit history to back it up. 20% is the normal, but many factors go into the loan approval.