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financing for berm house in Iowa


Posted by pxfbird on September 20th, 2004 07:53 PM
In reply to Berm home financing success story by Unregistered-Paul Louderback on July 23rd, 2004 02:30 AM [Go to top of thread]

Hi,

I have been looking on the internet for a way to get a mortgage on a "berm" home.

We live in Iowa and have been working on getting this place for about a month and a half. We finally got the appraiser to come out, only to find that there are no comparables (in Lee or Van Buren counties) and the guy didn't even appraise it. We were going to have another guy come out, but after speaking with him our mortgage broker tells us that the companies that were going to give us a loan now won't because the place is a "berm" home.

The house is a timberframe (mortise and tenin joint) built into the side of a hill. It has a full roof on it and poured concrete foundation. The place is really nice, bordering Shimmick Forest (state park), and is secluded. There are a couple out buildings, a well, windmill, and an old house right next to it (that I would like to fix up.) I have pictures in my Yahoo Photos http://photos.yahoo.com/pxfbird in the "HOUSE" folder.

We'd really like to get this place, but my boyfriend is sick of getting shot down for mortgage just because the house has earth around three sides and he's ready to give up on it.

I'd really appreciate any assistance that you could give me.

Thanks much,
Tish
~pxfbird@yahoo.com~

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