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