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The Facts About Unique Home Financing

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.

 

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Why Is Unique Home Financing So Difficult?

Unique homes come in all shapes and sizes. For example, Earthships are made from recycled materials. Berms and Earth Shelters along with Earth Ships are built to harness the natural warmth of the earth and light from the sun. Whether it’s the lure of an ancient design preference or it’s living within an eco-friendly environment, unique homes like these are growing in popularity.

Many unique homes are designed with solar power and remain energy efficient throughout the year. Plus, Berm homes and Earth Shelters are disaster-resistant.

When fed up with Ranch and Cape Cod style homes, many homebuyers find unique homes like these an attractive option over “cookie-cutter” houses.

But although they are desirable, finding the financing options to build a Dome, Log, Berm or Earth Shelter home is difficult.  Most lenders want to make mortgages for homes that are very common and typical for an area.  Unique homes scare them away!

Why Lenders Don’t Approve Financing For Unique Homes

Most banks and lenders are unwilling to lend money since there are often 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.

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.

I just want to thank you very much for your work to help us refinance our loans. I know you had to do so much work for us and we really appreciate it. If I know anyone who wants to buy a home or refinance I will do my best to refer you to them. Again, thank you very much.

Mary - Hanover, PA

This company out did themselves in my expectations. They were not pushy; they waited on me and kept contact with me even when I wasn’t sure if I was going to be able to refinance. I had a wonderful experience and highly recommend them for your next mortgage needs!

Paul - Waynesboro, PA

My mother recently had a refinance with HomePromise. The process was easy for her (and I) to follow. The loan representative was very helpful and responsive for the entire process and explained everything. I would definitely recommend this company.

Dorothy - San Diego, CA

I am a Veteran and they helped me understand the best options with my VA loan. They were great all through the process. I will definitely be telling others about Home Promise.

Jeff - Richmond, VA