I need to contact someone who can hook me up with a loan on my dome house. I have great credit.?

Question

I have great credit and the house/property is almost half paid for but nobody wants to loan on a geodesic house even though it would seem the risk is fairly low. The property was appraised at 300K and I only owe something like 175K on it. My problem is that the loan I have is just a gap loan and expires in less than a year.
Another problem is that there are really no comps in the area.

Answer 1

What state do you live in? I work for a mortgage company, in southern california. We had a similiar situation and we had to go to MLSG , thats the name of the bank. They are located in Nevada, but lend everywhere. We did not supply comparable comps because none were avaliable so we ended up getting unique homes and pushed it thru that way. The borrower had 20% down, that saved the deal, if you have plenty of equity, all u need to do is find a GOOD broker.

Answer 2

We can lend on this type of property with FNMA conforming products. I have included the AllRegs description of this subject below.

In regards to our other products, I know for sure that the Choice programs will not work for this type of property. Our other A-paper programs do not specifically state whether this type of property is acceptable and we would likely have to check with our investors to see if this would be acceptable.
In the appraisal and underwriting process, special consideration must be given to properties that represent special or unique housing for the subject neighborhood. Mortgages secured by nontraditional types of housing—such as earth houses, geodesic domes, log houses, etc.—are eligible for delivery to us, provided the appraiser has adequate information to develop a reliable opinion of market value. It is not necessary for one or more of the comparable sales to be of the same design and appeal as the property that is being appraised (although appraisal accuracy is enhanced by using comparable sales that are the most similar to the subject property). On a case-by-case basis, both the appraiser and the underwriter must independently determine whether there is sufficient information available to develop a reliable opinion of market value. This will depend on the extent of the difference between the special or unique property and the more traditional types of houses in the market and the number of such properties that have already been sold in the market area.

If you are interested in speaking with me furhter, please contact me.



Denielle Hass
American Home Mortgage
5885 SW Meadows Road, Suite 130
Lake Oswego, OR 97035
Office: 971-249-1455 ext 225
Cell: 503-545-0453
Right Fax: [phone]
[e-mail]
www.americanhm.com/denielle.hass

Answer 3

I would suggest finding a private investor willing to make you a loan. Most likely it will be a little higher interest rate, but should work out for you. Try local real estate investing clubs or searching online for someone that buys real estate notes.

Answer 4

Denielle Hass