The Log Home Neighborhood

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HELP! Need advice on getting a mortgage without putting down more than 20% in cash?

I am having trouble obtaining a mortgage in that there are not enough whole-log homes sold in the Leadville CO area to get an appraisal done. Does anyone have any ideas?

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Comment by Donald Parsons on June 5, 2009 at 11:22am
Michael - try locating a lender that does not require a log home comp. American Log Bank http://www.americanlogmortgage.com/loan_originator/details.asp?ID=28 I believe can assist you. You should also read/download http://www.loghomes.org/uploads/New_AppraisingLogHomesbrochure.pdf this guide from the Log Homes Council. Take it with you to any of your local banks that you may use to give to their appraisers. So many things have changed in the financing world over the past 9 months that it is hard to keep up with everything and what may be allowed today may not be tomorrow (or vise versa). Keep searching and asking. With a good credit score and a good % of your own money to put in to your investment up fromt will go a long way with some of the lenders. Keep us posted on how things turn out. Cheers - Donald

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