Financing for non-traditional homes? - Pirate4x4.Com : 4x4 and Off-Road Forum
 
Pirate4x4.Com : 4x4 and Off-Road Forum  

Go Back   Pirate4x4.Com : 4x4 and Off-Road Forum > Miscellaneous > General Chit-Chat
Notices

Reply
 
Share Thread Tools Display Modes
Old 04-20-2012, 01:52 PM   #1 (permalink)
Zeus of the Sluice
 
Sturgell's Avatar
 
Join Date: May 2006
Member # 73107
Location: Labia bunker
Posts: 3,009
Financing for non-traditional homes?

I am looking at a really neat place to set up my non mobile f-pad for a while.

20 acres, 1900sf earthen berm home, 40x60 shop with 2 post lift, pond with lots of fishes, lots of other little bonuses like being owned and built by a friends family.

My credit union and the bank at which a close family member is the vice president/good family friend is the president will not loan money on it because it is not a "traditional" home. Getting a loan secured is not an issue, I get pre-approved in hours.

More info
Asking price is 130k
Putting 30k down
My credit score is between 720-750 on all three


So where in the hell should I look for financing? I am more into paying stuff off really early ie: will be paid off in the next year and a half and am going for an option that will not have a penalty for early pay off.
__________________
Quote:
Originally Posted by fatdan460 View Post
why did i just look at sturgell's dick?

Last edited by Sturgell; 04-20-2012 at 01:53 PM.
Sturgell is offline   Reply With Quote
Old 04-20-2012, 01:54 PM   #2 (permalink)
DRM
Super Moderator
 
DRM's Avatar
 
Join Date: Feb 2000
Member # 8
Location: Spring Hill, TN
Posts: 35,577
Blog Entries: 1
You need to find a place that is willing to do manual underwriting of the loan instead of just plugging it into their software and getting a yes/no answer spit back out.
__________________
>David
> 4x4Spot.com
>It only hurts the first time you agree with me...
>"A little nonsense now and then is cherished by the wisest men."
DRM is offline   Reply With Quote
Old 04-20-2012, 02:07 PM   #3 (permalink)
Zeus of the Sluice
 
Sturgell's Avatar
 
Join Date: May 2006
Member # 73107
Location: Labia bunker
Posts: 3,009
Quote:
Originally Posted by DRM View Post
You need to find a place that is willing to do manual underwriting of the loan instead of just plugging it into their software and getting a yes/no answer spit back out.
The bank run by family/friends is that way. It is put in the same class as a manufactured home/trailer house because it falls under the definition of "other" or "non-traditional" even though it won't get snatched up by a tornado and get me on TV.
__________________
Quote:
Originally Posted by fatdan460 View Post
why did i just look at sturgell's dick?
Sturgell is offline   Reply With Quote
Old 04-20-2012, 02:21 PM   #4 (permalink)
Non-Lemming
 
SanDiegoCJ's Avatar
 
Join Date: May 2000
Member # 840
Location: Ramona, SoCal
Posts: 16,407
Lenders for non-traditional houses are few and far between. When we were looking we were interested in a log home at one point, but couldn't find a lender.
Other ones are geodesic domes. Ask a real estate loan broker for some help, they might know of a lender.

Last edited by SanDiegoCJ; 04-20-2012 at 02:23 PM.
SanDiegoCJ is offline   Reply With Quote
Old 04-20-2012, 02:38 PM   #5 (permalink)
Registered User
 
MY56CJ6's Avatar
 
Join Date: Jan 2005
Member # 41708
Location: Coarsegold, CA
Posts: 867
Any possibility that you can get a $100k loan for the 20 acres of open land? Maybe also for the value of the 2400 sf shop.
__________________
ECV - 1852

'56 CJ6 - 4.3, 904, D300 w4:1, 60/70, 5.38's, 35spline chromo, 42" IROKS....family crawler

'71 Chevy 4x4, built 502, 1 tons and 40's

G-Man Racing #213 - LQ9, 400, 4sp Atlas, 70/14B, 5.13's 39 BFG's....2013 LCQ we are going to give it all we have!!!
MY56CJ6 is online now   Reply With Quote
Old 04-20-2012, 02:49 PM   #6 (permalink)
Zeus of the Sluice
 
Sturgell's Avatar
 
Join Date: May 2006
Member # 73107
Location: Labia bunker
Posts: 3,009
Quote:
Originally Posted by MY56CJ6 View Post
Any possibility that you can get a $100k loan for the 20 acres of open land? Maybe also for the value of the 2400 sf shop.
Land will appraise for at most 2k an acre and I'm not sure I can get it done with just the shop.
__________________
Quote:
Originally Posted by fatdan460 View Post
why did i just look at sturgell's dick?
Sturgell is offline   Reply With Quote
Old 04-20-2012, 02:50 PM   #7 (permalink)
Granite Guru
 
Screwzer2's Avatar
 
Join Date: Nov 2004
Member # 38193
Location: Nevada City, CA under a bridge
Posts: 715
You may have to go to a hard money lender and pay pretty steep fees during construction.

I owner built my first house with a loan with a regular construction loan and then got a separate mortgage when finished. If you plan to stay, you'll save a bit over a combo,loan.

On non traditional, unless you have fully signed off engineering docs and permits from your county, they won't touch you. The bank isn't gonna loan on "science" projects, nor will a hard money lender you'd want to work with (tt
He sneeze balls just wanna seize your land/downpayment and design the contract to fail).

You got plans, or just a wet dream? Prices, timeline?

I haven't tried, but I bet I could get a loan for a yurt, but that's cause I could exactly price and schedule it to the day and demonstrate durability. I've done 3 now and helped on 3-4 others.

Also, 50% equity and/or fully Paid for land helps.
__________________
“Preach the gospel, and if necessary, use words.”
St. Francis

Last edited by Screwzer2; 04-20-2012 at 02:52 PM.
Screwzer2 is offline   Reply With Quote
Old 04-20-2012, 02:51 PM   #8 (permalink)
Registered User
 
MY56CJ6's Avatar
 
Join Date: Jan 2005
Member # 41708
Location: Coarsegold, CA
Posts: 867
How about $40k on the land then, maybe $10k on the shop and possibly the balance as a personal loan? I know the interest rate may be a bit higher, but as you said, you plan on paying it off quick, so the interest might not be a very big factor.

Hell, I will loan you $50k at 10%.....just playin.
__________________
ECV - 1852

'56 CJ6 - 4.3, 904, D300 w4:1, 60/70, 5.38's, 35spline chromo, 42" IROKS....family crawler

'71 Chevy 4x4, built 502, 1 tons and 40's

G-Man Racing #213 - LQ9, 400, 4sp Atlas, 70/14B, 5.13's 39 BFG's....2013 LCQ we are going to give it all we have!!!
MY56CJ6 is online now   Reply With Quote
Old 04-20-2012, 02:59 PM   #9 (permalink)
Zeus of the Sluice
 
Sturgell's Avatar
 
Join Date: May 2006
Member # 73107
Location: Labia bunker
Posts: 3,009
Quote:
Originally Posted by Screwzer2 View Post
You may have to go to a hard money lender and pay pretty steep fees during construction.

I owner built my first house with a loan with a regular construction loan and then got a separate mortgage when finished. If you plan to stay, you'll save a bit over a combo,loan.

On non traditional, unless you have fully signed off engineering docs and permits from your county, they won't touch you. The bank isn't gonna loan on "science" projects, nor will a hard money lender you'd want to work with (tt
He sneeze balls just wanna seize your land/downpayment and design the contract to fail).

You got plans, or just a wet dream? Prices, timeline?

I haven't tried, but I bet I could get a loan for a yurt, but that's cause I could exactly price and schedule it to the day and demonstrate durability. I've done 3 now and helped on 3-4 others.

Also, 50% equity and/or fully Paid for land helps.
Reread the thread and come back later.
__________________
Quote:
Originally Posted by fatdan460 View Post
why did i just look at sturgell's dick?
Sturgell is offline   Reply With Quote
Old 04-20-2012, 03:03 PM   #10 (permalink)
Vintner
 
criscfer's Avatar
 
Join Date: Nov 2001
Member # 8448
Location: Parker, Co
Posts: 596
Quote:
Originally Posted by SanDiegoCJ View Post
Ask a real estate loan broker.
That is what we did and didn't have too much trouble locking in something a point over a traditional.
What the b!tch was, is finding an insurer.
__________________
http://coloradohoneywine.com/
criscfer is online now   Reply With Quote
Old 04-20-2012, 03:07 PM   #11 (permalink)
Zeus of the Sluice
 
Sturgell's Avatar
 
Join Date: May 2006
Member # 73107
Location: Labia bunker
Posts: 3,009
Quote:
Originally Posted by criscfer View Post
That is what we did and didn't have too much trouble locking in something a point over a traditional.
What the b!tch was, is finding an insurer.
This home is already insured with State Farm. If you don't mind can you possibly find out who holds your mortgage? PM me if you need to.
__________________
Quote:
Originally Posted by fatdan460 View Post
why did i just look at sturgell's dick?
Sturgell is offline   Reply With Quote
Old 04-20-2012, 03:13 PM   #12 (permalink)
Vintner
 
criscfer's Avatar
 
Join Date: Nov 2001
Member # 8448
Location: Parker, Co
Posts: 596
Quote:
Originally Posted by Sturgell View Post
This home is already insured with State Farm. If you don't mind can you possibly find out who holds your mortgage? PM me if you need to.
Mine was with SF for 21 years, and then they didn't want to have anything to do with it when I was buying it. In the end they did agree to continue with me. Thankfully, because I couldn't find any other options.
My loan has been turned over several times, and it is currently with BAC Home Loans. I think in they are in TX.
__________________
http://coloradohoneywine.com/
criscfer is online now   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -7. The time now is 02:21 PM.


Powered by vBulletin® Version 3.8.6
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Search Engine Optimization by vBSEO 3.6.0 ©2011, Crawlability, Inc.