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Small Cabin Forum / Properties / Financing a small cabin
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noleguy88
# Posted: 14 Jul 2010 11:24
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Recently I found a small cabin I would like to purchase. I was told that banks are not lending $ for homes under 650 sq feet ( this one is at about 450). I don't want to take out an equity line on my home. Does anyone have any tips or suggestions? I don't want to miss out on this one. Its perfect for what my wife and I are looking for. Thanks!

Scott_T
# Posted: 14 Jul 2010 13:37
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There is a lender out there that will be able to help you. Make lots of calls and be prepared to undergo a pretty stringent vetting process for the credit/mortgage you need. If that fails ask your parents for the money?

Anonymous
# Posted: 14 Jul 2010 21:51
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I was in the same situation with a cabin in NE Wisconsin. My normal bank was less than enthusiastic about lending the money without a large down payment. I ended betting pretty good terms from a smaller bank local to the cabin. You might try the same.

Knifemouth
Member
# Posted: 30 Aug 2010 15:49
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With financing roadblocks being my/the hugest obstacle to owning a small home- my first, last and only home -and my only hope of ever owning a home - this thread makes me want to curl up and cry. Oh, and now I can finally bring it all full circle w/also not having a Mommy and a Daddy: the money I save on therapy can go straight to the Small Home piggy-bank.

*sniff

rob_o
# Posted: 30 Aug 2010 17:29
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Quoting: Knifemouth
this thread makes me want to curl up and cry. Oh, and now I can finally bring it all full circle w/also not having a Mommy and a Daddy: the money I save on therapy can go straight to the Small Home piggy-bank.

*sniff


$100 of organic compost will do more for your mental health than $100 of therapy. Surprising, as they are pretty much the same thing

researcher
Member
# Posted: 30 Aug 2010 19:03
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It seems that a lot of land sellers will offer you financing themselves. You might want to look into that.

Torghn
# Posted: 6 Sep 2010 18:52
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Your best (and likely only) option is seller financing. It's actually pretty common as few people have that much disposable cash.

Gary O
Member
# Posted: 6 Sep 2010 19:46
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Quoting: Anonymous
good terms from a smaller bank local to the cabin. You might try the same.


In this economy, big banks and lenders are not letting go. The very best bet is finding a small local bank.

An even better thing would be plying dormant talent and building your own cabin on much less spendy bare land. The satisfaction is without parallel............

Hermid
Member
# Posted: 22 Sep 2010 19:10
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I would try Credit Unions also, you mite be able to get a better interest rate and easier payment options such as being able to pay it off in lump sums..

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