Farm Loan Question

[Beerwinkle]

Capital Farm Credit was excellent for us when we expanded our ranch.

[atcfisherman]

Thanks for the replies. I also have two more questions.

1. How much should I budget for septic system? I'm thinking $10K.

2. How much for a 1600-1800 square foot foundation? I have no idea. Maybe Z$10K to $20K?

3. How much should it cost for a plumber?

4. How much should it cost for an electrictian?

I know these are vague questions, but ball park will help as we will do much of the inside work of the new barndominium/house but these above will be contracted out.

Thanks,

[DUKFVR]

We Have used Capital Farm Credit...
Very Friendly and easy To deal with..

We have been etremely pleased with CFC. Have had 2 loans with them.

[rferg84]

Borrow the money to buy your siblings out and pay that off before beginning construction of the new home. You will need that land as collateral for your construction loan if you are going to build your new home before selling your current home. After your new home is complete so your old home and put that money towards the balance. We used the credit union but I know a ton of folks use Texas farm credit or similar ag lending entities.

That's what I would do, too.

[E.TX.BOWHUNTER]

Septic price is fine and will cover aerobic.
Electrical and plumber I would budget $80/hour. Maybe you can pull the wire and run the PEX yourself and they can terminate and trim. Try to work with them and see what you can do.
Foundation? Would require much more info. I spent about $3500 doing a pier and beam myself.

I did the work myself on my cabin build. I have been in construction all my life and don't need to contract out most work. The aerobic system that was contracted out was $7500.

[C.W.Ashby]

Lone Star Ag Credit is a very good source for this type of loan

[Rustythebeagle]

Another option would be to do a cash out refinance on your current home. Pay off your siblings and pay for the land. Sell your house then do a construction loan.

Then you can use a traditional lender and likely have a lower interest rate throughout the transaction.

[TMC50]

Thanks for the replies. I also have two more questions.

1. How much should I budget for septic system? I'm thinking $10K.

2. How much for a 1600-1800 square foot foundation? I have no idea. Maybe Z$10K to $20K?

3. How much should it cost for a plumber?

4. How much should it cost for an electrictian?

I know these are vague questions, but ball park will help as we will do much of the inside work of the new barndominium/house but these above will be contracted out.

Thanks,

Im looking my thread. THought I posted the prices.

https://discussions.texasbowhunter.com/forums/showthread.php?t=686662

[atcfisherman]

Thanks

[twright]

Capital Farm Credit. They will loan you the money on the land and then roll that loan into your home loan. They are great to work with. I have used them on multiple rural properties. Because it is somewhat like a coop, you also get dividend payments. They even continue for awhile after you pay off loans.

[Tex_Cattleman]

Since your current house is paid for, I'd take out a no fee equity loan against your current home from a local bank or credit union. That would be the lowest cost option to payoff your siblings.

After that you can decide how you want to finance the new build.

Yatzee, bingo, and yes. If you want to talk out different strategies and bounce ideas, give me a call. 512-203-5869

Your TBH Mortgage Guy,
Trey

Sent from my SAMSUNG-SM-G930A using Tapatalk

[Reel cajun]

Capital Farm Credit