Mortgages

[Annex]

Forgive me if this is something recently covered - I am new to this. I am interested in a piece of land that has a yurt on it. The real estate agent said it has been on the market so long because it is not really possible to get a home loan for mortgage for a yurt. The yurt is permanent on the land, not mobile. What do people do? I cannot get a line of credit big enough for this land and house. Thanks, Annex

[MT Rod]

If it has been on the market for a long time, you can try making an offer of what you can afford.

I am talking out of my hat here, but I think many lenders are going to treat this as a piece of property with a building site on it, and dismiss the yurt as just something that has to be cleared out of the way before you can start a "proper" building. It isn't wood, stone, or brick and mortar.

If you want it, make the offer. Ultimately what have you lost if they say no?

Perhaps even better, you could approach the owner and see if you could rent it for a few months, and really find out if you really like living in a yurt? Or at least know the issues with that particular installation.

Best of luck to you.

Rod
Rod Cat

yurtlocker

.com

[Jafo]

You are going to have a hard time convincing a mortgage company to finance a yurt plain and simple. It has nothing to do with yurts, they are just too new to the scene. Banks have not seen it as worthwhile to discover the risks. No risk assessment, no loan. Sucks, but that is the way it is.

[Annex]

Thanks for your replies. But this brings up another question- say I find my land build my dream yurt on it and then my situation changes 10yrs from now and I need to sell it. No one else will be able to get a loan for it either.
I'm looking at wood-panel yurts, with the hard sides.

[Jafo]

Originally Posted by Annex

Thanks for your replies. But this brings up another question- say I find my land build my dream yurt on it and then my situation changes 10yrs from now and I need to sell it. No one else will be able to get a loan for it either.
I'm looking at wood-panel yurts, with the hard sides.

Ahh, the hard panel yurts are different. Providing it has approved engineering specs, you should have no issues. I just doubt you are going to get a mortgage on a canvas yurt.

[Marshall Eppley]

I have a long shot idea. Its been on the market for a long time and maybe the owner would be willing to finance it for you just to be rid of it. Doesn't hurt to ask.

[Tonka]

Howdy. Colorado Yurt has a link about peer-to-peer social lending.

Anyone have any experience with it?

[Tree Bones]

Originally Posted by Annex

Thanks for your replies. But this brings up another question- say I find my land build my dream yurt on it and then my situation changes 10yrs from now and I need to sell it. No one else will be able to get a loan for it either.
I'm looking at wood-panel yurts, with the hard sides.

As mentioned above try asking the land owner to carry the note. This is most commonly referred to as a land contract. A sizable down payment usually works in your favor. Cant hurt to ask.

This would also apply to you if 10 years down the road you want to sell, you may want to hold the note as owner financing.

You can see a similar opportunity here. Notice the owner terms at the bottom of page.