Buying a new home with the 2nd not sold yet - Help (loan, credit)

[2beamissourian]

We presently own a home that is for sale in Illinois .. well its a home on 40 acres w/ pond and a home .. 39 acres is listed .. home and 1 acre is not.
We are looking to buy down in Missouri.

Is there a way to buy a home in Missouri with the equity of our home / ground farm ??

We have our ground listed (39 acres) for 199,900 (I think or pretty close)
we do not have the house and 1 acre listed ... so add another 80 k on to that
we owe roughly 100k on everything.

Is it possible to take a 2nd loan or what do we need to do - or do we just wait till our house sells?

I need advice please!

I hope this is the right forum!

[goodday]

Originally Posted by 2beamissourian

We presently own a home that is for sale in Illinois .. well its a home on 40 acres w/ pond and a home .. 39 acres is listed .. home and 1 acre is not.
We are looking to buy down in Missouri.

Is there a way to buy a home in Missouri with the equity of our home / ground farm ??

We have our ground listed (39 acres) for 199,900 (I think or pretty close)
we do not have the house and 1 acre listed ... so add another 80 k on to that
we owe roughly 100k on everything.

Is it possible to take a 2nd loan or what do we need to do - or do we just wait till our house sells?

I need advice please!

I hope this is the right forum!

If you owe 100k on your home now I would wait till the 39 acres sells? todays market is SLOW. you need to stay well under the current prices of land for sale in your area, or it wont sell..under the curve? we are in the same boat, spliting our land selling 77acres, with no house first [hopefully] then sell our house and 60 acres,then find the home in arizona quick, and hope the price we pay is will not take the 4-6% loss or drop in value the day after..thats what scares us..good luck an merry christmas keep us informed..

[renriq02]

in this market....i wouldnt buy the new home until my old home sells!

even if you get buyers....you have to make sure they qualify AND can get ot the closing table. There are a guideline changes going on...so you never know if they'll make it!

[2beamissourian]

guideline changes?

[jeffselan]

Guideline changes= underwriting policies that qualify persons for loans. Credit, cash, stability, reserves, ect.