Inherited or gifted land and financing
I've been reading all the posts about financing. I still have some questions, though, and was hoping for some insight or at least opinions. My husband stands to inherit 100 acres of land, however my father-in-law knows we plan to build on that land and has offered to go ahead and deed it all to us now instead of waiting until his death. I read a post that stated the bank will take the value of the land and add it to the appraised value of the home and then require 20% down from there. Would it be wiser for us to go ahead and have him deed the entire acreage or just a small portion enough for the home itself? Would it matter if we have separate deeds - one for the land the home will be built on and then another for the remainder of the land?