Buying a farm

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Member since 02 September 2017

PeasantDaughterNew member02 September 2017 18:47:30

Hi expats!

I'm Peasant Daughter and a friend and I are interested in buying a farm. However, we aren't sure about how that is financed in PR. My friend has the money down and a moderate debt-to-income ratio with good credit. I have no money down, higher income, and a high debt-to-income ratio but great credit. There IS a 2 bedroom house on the farm, which we have yet to see the condition of. We will both continue to work remotely half time as well as farm in order to pay the mortgage. I need him for the down payment and he needs me for the higher income. We are probably borderline getting a mortgage individually.

How are farm mortgages different in PR? Are there different loans, and what does one need to qualify?
Should we not focus on the farming and just focus on the house and our working remotely? It will take 2-5 years to wean ourselves off of the remote work.
Do "tenancy in common" loans get approved of less?

Thanks for any enlightenment!

ReyP ViP

Member since 09 May 2015

ReyPViP02 September 2017 20:28:41

5509

We have a couple of realtors as members that are familiars with loans, one was a loan officer. Give it a few days, they will likely check in soon and see your post

PeasantDaughter New member

Member since 02 September 2017

PeasantDaughterNew member02 September 2017 20:48:14

Thanks!

Also, correction, one or the other of us can continue to work full time and the other work part time, The farm is already producing. Neither of us have tried to apply for a mortgage before, so don't really know where we stand.

ReyP ViP

Member since 09 May 2015

ReyPViP02 September 2017 21:20:20

5509

Just be ready with proof of enployment, last few paycheck stbs, list your dept and account numbers, they will prbably want that. Just a guess on my part, but because you are not married, likely the mortgage will go in one of you name or you two could form a partnership. Mean time try to not check your credit score or do anything that may affect to. All of the above are gusses on my part but good to be ready.

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