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noleguy88
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# Posted: 14 Jul 2010 11:24am
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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!
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Scott_T
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# Posted: 14 Jul 2010 01:37pm
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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?
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Anonymous
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# Posted: 14 Jul 2010 09:51pm
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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.
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Knifemouth
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# Posted: 30 Aug 2010 03:49pm
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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
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rob_o
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# Posted: 30 Aug 2010 05:29pm
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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
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researcher
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# Posted: 30 Aug 2010 07:03pm
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It seems that a lot of land sellers will offer you financing themselves. You might want to look into that.
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Torghn
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# Posted: 6 Sep 2010 06:52pm
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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.
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Gary O
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# Posted: 6 Sep 2010 07:46pm
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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............
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Hermid
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# Posted: 22 Sep 2010 07:10pm
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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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