Building An Unusual Home? Don’t Count On The Banks!

July 1st, 2010 categories: Mortgages & Financing, Rants & Riffs

Before you plan to build your Honolulu home constructed of recycled CD’s impregnated with cattle dung, make sure you have a long term lender committed to making you a normal fixed rate mortgage. A recent Wall Street Journal online article discusses the barrowing problems facing homes that are unusual or built in a non-traditional manner.

“A niche mortgage mess is brewing in homes made of earth, tires, concrete and trash. Environmentally minded people built them, hoping to conserve energy and to re-use what might otherwise wind up in a landfill.

Such sentiments in some cases have been no match for the new resolve of the banking industry in the wake of the housing bust. Banks have become much pickier about examining sales of comparable homes, in deciding whether and how much to lend. Owners of odd homes can be out of luck.”

CLICK HERE TO READ THE ENTIRE ARTICLE

Given the current lending environment, you may be better off building your dream home in a conventional manner.

SEARCH FOR YOUR HONOLULU HOME

If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.

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