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The Facts About Unique Home Financing

Creative Financing For Unique Properties

Fed up with the appearance of conventional homes? Looking for a unique home or property but finding it difficult to get financing? If so, keep scrolling and learn why lenders fear financing unique properties.

 

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Why Is Unique Home Financing So Difficult?

Unique homes come in all shapes and sizes. For example, Earthships are made from recycled materials. Berms and Earth Shelters along with Earth Ships are built to harness the natural warmth of the earth and light from the sun. Whether it’s the lure of an ancient design preference or it’s living within an eco-friendly environment, unique homes like these are growing in popularity.

Many unique homes are designed with solar power and remain energy efficient throughout the year. Plus, Berm homes and Earth Shelters are disaster-resistant.

When fed up with Ranch and Cape Cod style homes, many homebuyers find unique homes like these an attractive option over “cookie-cutter” houses.

But although they are desirable, finding the financing options to build a Dome, Log, Berm or Earth Shelter home is difficult.  Most lenders want to make mortgages for homes that are very common and typical for an area.  Unique homes scare them away!

Why Lenders Don’t Approve Financing For Unique Homes

Most banks and lenders are unwilling to lend money since there are often no comparable sales in the area. A lack of similar homes nearby that were sold in the last 12 months make the appraisal process hard. Since finding three or more similar unique properties in the same area is almost impossible, lenders are less confident.

Another reason why most lenders fear unique home financing is because these properties are hard to sell. Since unique home mortgages are not easy to obtain, many buyers opt-in for conventional homes.

Lenders like HomePromise will look at creative ways to ensure you get the financing you need to buy or refinance the unique home of your dreams while being confident that the mortgage you get won’t hurt in the long run.

Why Lenders Don’t Approve Financing For Unique Homes

Most banks and lenders are unwilling to lend money since there are most likely no comparable sales in the area. A lack of similar homes nearby that were sold in the last 12 months make the appraisal process hard. Since finding three or more similar unique properties in the same area is almost impossible, lenders are less confident.

Another reason why most lenders fear unique home financing is because these properties are hard to sell. Since unique home mortgages are not easy to obtain, many buyers opt-in for conventional homes.

Lenders like HomePromise will look at creative ways to ensure you get the financing you need to buy or refinance the unique home of your dreams while being confident that the mortgage you get won’t hurt in the long run.

Types of Unique Home Financing We Offer

Berm Homes

Berm homes have dirt pushed against 2-3 sides of the house. The exterior walls are typically constructed of concrete block. The earth surrounding this type of home insulates the building, helping to maintain the indoor temperature. 

Like Earth Shelter homes, Berm houses are normally built with the exposed walls facing south, absorbing heat. Skylights may be used to increase ventilation and sunlight in north-facing parts of the home.

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Earth Shelter Homes

These types of homes are great for those looking for environmentally sustainable living. Like Earthships, Shelters are built in multiple ways, and many have roofs covered with earth. This style of roof is commonly referred to as “living roofs”  or “green roofs.”

Like Berm homes, Earth Shelters (or Earth Homes) withstand weather conditions better than conventional homes, are energy efficient, and provide plenty of natural light and fresh air with or without an earth roof.

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Earth Ship Homes

While most Earth-Sheltered style homes are constructed from stone, brick, lumber, or concrete, an Earthship is built from natural and recycled materials. Earthships are environmentally friendly structures.

When building this type of structure, traditional construction material is replaced with recycled materials creating an eco-friendly construction method.

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Dome Home Financing

A Dome home is a house like any other house but built in the shape of a sphere or geodesic dome. Dome homes usually incorporate some type of shell framework during construction.

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Hangar Home Financing

Do you dream of living in a residential airpark community? As a pilot, could you imagine parking your plane at home? HomePromise can help you finance your dream of landing your personal plane in a fly-in community.

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Barn Home Financing

Depending on your unique situation, HomePromise will work with you to make your Pole Barn, Post & Beam, or Barn home a reality.

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Timber Frame Homes

Financing a Timber frame, Barn home, Post and Beam style home, Pole Barn house, Post Frame home, or other Post Frame building is possible!

Other Unique Kinds of Homes
We also close loans for Grain Silo Homes, Mediterranea style homes and Pueblo / Adobe Revival homes.

“I just want to thank you very much for your work to help us refinance our loans. I know you had to do so much work for us and we really appreciate it. If I know anyone who wants to buy a home or refinance I will do my best to refer you to them. Again, thank you very much.”

Mary from Hanover, PA

“My mother recently had a refinance with HomePromise. The process was easy for her (and I) to follow. The loan representative, Chris Gaus was very helpful and responsive for the entire process and explained everything. I would definitely recommend this company.”

Dorothy from San Diego, CA