The Facts About Unique Home Financing
Get Creative Financing For Unique Properties
Fed up with the appearance of conventional homes? Looking for a unique home or property but finding it difficult to get financing? If so, keep scrolling and learn why lenders fear financing unique properties.
Why Lenders Don’t Approve Financing For Unique Homes
Most banks and lenders are unwilling to lend money since there are most likely no comparable sales in the area. A lack of similar homes nearby that were sold in the last 12 months make the appraisal process hard. Since finding three or more similar unique properties in the same area is almost impossible, lenders are less confident.
Another reason why most lenders fear unique home financing is because these properties are hard to sell. Since unique home mortgages are not easy to obtain, many buyers opt-in for conventional homes.
Lenders like HomePromise will look at creative ways to ensure you get the financing you need to buy or refinance the unique home of your dreams while being confident that the mortgage you get won’t hurt in the long run.
Berm homes have dirt pushed against 2-3 sides of the house. The exterior walls are typically constructed of concrete block. The earth surrounding this type of home insulates the building, helping to maintain the indoor temperature.
Like Earth Shelter homes, Berm houses are normally built with the exposed walls facing south, absorbing heat. Skylights may be used to increase ventilation and sunlight in north-facing parts of the home.
A Dome home is a house like any other house but built in the shape of a sphere. Dome homes usually incorporate some type of shell framework during construction.
Depending on your unique situation, HomePromise will work with you to make your Pole Barn, Post & Beam, or Barn home a reality.