Thermostatically controlled heat in every room for 30 yr fixed??
I bought a lakefront cabin and turned it into a short-term vacation rental. When i was working on the financing the underwriters at the bank, a large one, i use on my primary residence said they couldn't finance the property because it didn't have a thermostatically controlled heat source in every room...I worked with a local bank and got into a 3 year ARM.
The cabin is 600sq feet and has a living area, kitchen, bathroom and bedroom. The main heat source is a propane wall furnace with a thermostate that heats the whole place no problem.
The place was meant to be a 3-season cabin and I've done a bunch of work to it to make it more livable year round. New roof, new ceiling, upgraded appliances, spray foam insulation in the crawlspace, added a heater to the crawl space etc...
I want to eventually refinance into a 30yr fixed, considering under a business entity for liability reasons.
My question is did they pass on the financing because it was a 3-season house at the time or is there really some rule about thermostatically controlled heat sources?
Is it as easy as adding an electric baseboard heater and now i can qualify for conventional financing.
Let me know if anyone has any expertise in this stuff
Thanks
Nich