wedding/honey moon/house down payment

[Magic Johnson]

"So when you retire are you going to retire to the farm? and do you have any siblings that might want the land as well...and what happens if your children don't want the land...I'm just curious!!"

I'm buying the house hopefully next month, so I'll be moving there about 20 years before retirement. But, no I'm not going to actively farm because of the capital requirements to purchase equipment. I have a sister, and my parents decided to leave me the farmland. My sister will inherit their house, and other small assets.

I don't know why my children wouldn't want the land. It's an extremely valuable asset, currently valued at about $680,000. When my kids inherit it, they have some choices. They can either sell it, or rent it to a farmer. I don't care what they do, because I will be dead.

[Magic Johnson]

I don't qualify for a mortgage. I qualify for a 30 year amortization, with a 6-year balloon, at 5.99% interest.

[james.hendrickson]

I don't qualify for a mortgage. I qualify for a 30 year amortization, with a 6-year balloon, at 5.99% interest.

Balloon mortgages sound like trouble to me.

[disneysteve]

Balloon mortgages sound like trouble to me.

It’s a way for broke people to buy a property they can’t afford. They hope that their situation will be a lot better when the balloon payment is due. Sometimes it works. Sometimes it doesn’t and they are forced to sell at that point.

[Magic Johnson]

Balloon mortgages sound like trouble to me too.

Given that I’ve made an irrevocable decision (in my mind only) I’ll have to weigh my options.

Six years from now it’s unlikely that I’ll be forced to sell, because I’m operating under the assumption that there will be adequate funds to liquidate at least a portion of my 403(b).

And the reason I was denied a traditional 30 year fixed mortgage wasn’t because I wasn’t qualified, it’s because the house is enrolled in PA 116. Six years will give me adequate time to get the house out of PA 116. I’ve heard 6-9 months to get land out of a PA 116 contract if you stick at it.

[Magic Johnson]

I want to thank all of you for your help.

I’m not going to add anything more to this thread. If I need advice in the future, I’ll start a new thread.

Peace to all of you. You give good advice.

[LivingAlmostLarge]

So I'm an outside the box thinker. Can you borrow against your 401k? Is there a maximum? Can your parents or anyone else loan you the $150k and you pay them back? I am not against buying the house your ex is selling. Can you have and open and honest conversation with her about when she is selling and what she is expecting and the situation? I think it very reasonable to have right of first refusal.