you'll definitely run into trouble. log homes are taboo for many lenders; you may want to find a local community bank or credit union that has some flexibility (portfolio lender).
Hi my wife and I own a home that has a seperate one bedroom home on the same lot. This is not attached and there are no comparables in the market right now. I have been told there is no way to refinance this property which kind of angers me as when I refied some years ago they appraised as a duplex. I feel I have been taken advantage of by past lenders and now am in a no win situation. Is there really nothing I can do as I really would like to combine 1st and 2nd mortgages as the rate on second sickens me every time I look at it.
Unfortunately, Jordy, it's industry standard that two homes on a single lot is construed as a multi-family property. I suppose there are no comparables due to a lack of sales - there are clearly other, somewhat similar, properties in your area inasmuch as you were able to obtain financing to begin with.
Keep asking around - try a few different lenders - maybe you'll find someone with some compassion for your situation who'll not try to use secondary market standards but keep your loan in portfolio; thereby giving you the opportunity you desire to combine the two mortgages.
Keep asking around - try a few different lenders - maybe you'll find someone with some compassion for your situation who'll not try to use secondary market standards but keep your loan in portfolio; thereby giving you the opportunity you desire to combine the two mortgages.