Today is the Day...

...well, today was supposed to be the day. We were supposed to be closing on the land this morning at 11:00 AM (signing a lot of papers and spending more money that we have ever spent), but because the lender wasn't able to get the paperwork done we are going to have to wait to Monday morning at the same time. Not really that big of a deal, but still disappointing. I suppose part of the problem is that we chose a lender in Kentucky instead of locally...

We looked at a bunch of lenders, everything from local banks to area lending businesses, and even special agricultural lenders. Ideally we were looking for a lender who would lend us the money for the land and for the building. That didn't happen! The residential lenders wouldn't give us a loan because the parcel was to big and the agricultural lenders wouldn't loan us money because they didn't like the idea of a pole building as a house.

So, we are going to have two loans. One loan for the land which is going to be through Farm Bureau and one loan for the building. We ended up going with the Farm Bureau loan because they only required 15% down. I realize that is a little low for a down payment, but since we were also going to have to put 20% down for the building loan it was important to us. We did run the monthly payment numbers many ... many ... many times to make sure that everything would work! One other factor is that we are going to have to pay the CRP buyout from our own money. We couldn't include that in the loan.

Like I said, I'm a little disappointed. But, the good news is that it is supposed to be 40 degrees and raining today, but on Monday the forecast is for 58 and sunny. At least we will be able to go out to the land and enjoy the nice day after we close ... and do some mowing around the building area. After mowing the building area we can stake out the house and get a better idea of present and future building placements.