Staten Island, NY · Member since 2017 · 115 posts · 16 votes
This cabin id like to purchase has no base board heat or anything like that . Just a wood fireplace. The place is 1300 sq ft. Would I need the usual 35% down and get a land loan or is there a way around this?
Lender · Fort Worth, TX · Member since 2016 · 8k+ posts · 6k+ votes
8y
@William D. cabins are a bit tricky to begin with. They are considered "unique" properties and most banks won't lend on them. Sometimes it's very hard to find comparable properties....since true "comps" are other cabins. A conforming loan (Fannie/Freddie) will require a permanent heat source in each room. Permanent meaning something that cannot be removed without work...so a space heater won't work but an electrical heat panel screwed to the wall could work. Those aren't too expensive. Lots to this one but try to speak with a lender first that would even loan on a cabin. They would be able to guide you the best. Good luck!
This cabin id like to purchase has no base board heat or anything like that . Just a wood fireplace. The place is 1300 sq ft. Would I need the usual 35% down and get a land loan or is there a way around this?
The Bay Area way to do this is get a GC to throw a bare minimum heating solution in & close with residential financing.