House done, moved in but still not financed...

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O.S.O.K.
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House done, moved in but still not financed...

Post by O.S.O.K. »

Well, the house is done and we are moved in. Now to get the long-term loan.

Just a word of advice to anyone constructing a new home. If you are planning on financing the home, you may be better off with a traditional construction than anything "innovative".

We chose to build a home with the left and rear walls made of poured concrete and set into a hill. Very efficient and makes the back rooms a natural storm shelter. Howerver, it also makes it hard for the appraiser to get comps and put a value on the home. This has slowed things down for the mortgage company and been a little nerv wracking for us.

The mortgage company thinks it will work out fine but I have to admit that I don't like the feeling of having something that's difficult to get financed... and I'm worried that it may cause the appraiser to put a lower value on the home...

The mortgage agent actually asked if the house was an "earth home" to which I replied "no" and sent him pics of the house. It looks like a standard framed construction house from the front - has a framed roof, etc. and it's not untill you go around the side and the back do you see that its set into the hill.

So, thought I'd share this with ya'll.

If we'd of done a traditional frame construction with a hardened room instead of our "hybrid" design, it would all be done and closed by now.

I'll let you know how it goes.
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gamekeeper
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Re: House done, moved in but still not financed...

Post by gamekeeper »

I like the way it's built, If I were in the market for a house I would pay more for one like yours.. :mrgreen:
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Blaine
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Re: House done, moved in but still not financed...

Post by Blaine »

Good luck....dealing with the bank is like working with an ex-wife.... :evil:
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.45colt
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Re: House done, moved in but still not financed...

Post by .45colt »

It sounds like a bunch of bull to Me. Your House is far superior to most conventional construction. In the world with the internet how in the world would they have a hard time with an appraisal? Hope it all works out soon.
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Re: House done, moved in but still not financed...

Post by crs »

Congratulations on getting it done. You are sure to be pleased with it.
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pwl44m
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Re: House done, moved in but still not financed...

Post by pwl44m »

Call Uncle O and tell Him they won't finance Ur "Green Home" :lol: What is so hard about appraising a Home that is extra efficient. My loan was stalled here because the Appraiser didn't know what a dry well was. cost an extra 1/2 point.
Congrats on getting moved in.
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pokey
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Re: House done, moved in but still not financed...

Post by pokey »

just tell them it's a walkout / daylight basement.
fairly popular in hilly country, should be no problem for even the slowest appraiser. :wink:
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smokenrust
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Re: House done, moved in but still not financed...

Post by smokenrust »

What would have happened if you called the back side a built in 'safe room'... safe rooms are getting to be quite common nowdays where you go to avoid severe storms or thieves... Yup, safe room..gun room LOL
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Re: House done, moved in but still not financed...

Post by Gobblerforge »

We had problems too. It seemed the bank wasn't sure about a "Log Home" because we didn't have studs. :roll:
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Re: House done, moved in but still not financed...

Post by Mike D. »

Shop around, there are plenty of loans available at less that 3.5%. Go 10 years and it will be under 2%. Banks are not the way to go, they are not "hungry" enough.
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