Will the bank give you a construction loan if you're building a Cob house? Anybody done this type of thing? What were your building cost (per square foot)? What were some of the biggest hassles you experienced?
Thanks!
MS
2006-06-07 16:06:10 · 2 answers · asked by Marilee Shuagsweil 1 in Home & Garden ➔ Do It Yourself (DIY)
Many banks and mortgage companies look the other way when it comes to financing new types of construction such as straw or cob construction. They consider the building techniques unproven and also worry about resale if they have to foreclose.
Best advice is to consult with others that have had these types of structures built for advice on financing. I realize that you seeking this information by the questions you asked and I hope you get some good responses. I thought I would share my experience with the lending institutions and their way of thinking.
Good luck with your new home experience.
2006-06-12 05:29:27 · answer #1 · answered by exbuilder 7 · 9⤊ 0⤋
in case you do not have the money to pay in finished then convinced you do a structure loan. it really is a little while period loan that you'll be able to ought to refinance at the same time as the domicile is finished. Why no longer borrow some library books and study the basics. As to how a lot down relies upon on the lender. initiate consisting of your close by monetary business enterprise and a minimum of diagnosis the basics on borrowing.
2016-12-06 11:55:40 · answer #2 · answered by ? 3 · 0⤊ 0⤋