Not all banks are "friendly" to log home deals. Some will not pay for the log home package when it arrives. You have to arrange other financing until the shell of the home is erected and only then will they give you a mortgage. Some will not allow the owner to do any of the work. Others simply do not want to be involved in a log home project at all.
The following finance companies are easy to work with and are very friendly to the idea of log home financing. Their interest rates are generally better than the banks' and they will allow the owners to do some of the work themselves, although you may have to demonstrate that you have the necessary skills. You may reach them at:
- American
Log Mortgage
A
Division of American Home Bank N.A.
877-BankAHB (877-226-5242)
717-537-4242
- Log home Lenders of
America
Contact: Scott Clark
888-880-5647
- M&T Bank
Contact: Gina Haubert
888-539-1160
|
- Stratford
Financial
800-564-5363
- Waterfield
Financial
Contact: Gary Johnson
888-932-5647
- Owner Builder Loan Services
800-543-5600
- GMAC Mortgage
800-983-4622
|
The best way to avoid disappointment when planning to purchase any home, is to first determine how much home you can afford. The following will help you determine:
1. Your maximum home budget
2. The cost of your home project
Then compare these two figures side by side:
1. If your budget number is equal to or higher than your home project number, then the home you want can realistically be yours.
2. On the other hand, if your budget number is lower than your home project cost, then
revisions to your home plans may be necessary.
To determine the best method for your calculations, please follow the appropriate link below.
If your browser is
Netscape Navigator 2.0 or higher, or Internet Explorer 3.0 or
higher, click here.
Otherwise, grab a calculator and a pencil and
go here.
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see an example?
