Financing for a log cabin is a little different from a mortgage. Ulrich has partners with lenders that will make your dream of having a log cabin come true. If you do have a good relationship with your bank, we recommend that you work with them to get financial aid.
The typical requirements of banks ask that you have a credit score of at least 200, two years of tax returns, a debt to income ratio of 34-40% and no bankruptcies. If you have any questions, call Ulrich Cabins.
Before you start building your new home, make sure you find a plot of land to settle on. Most banks will let you borrow money for land. Loans are typically 25% down with a 15-20-year term. Rates vary.
Your bank or lender may give you a construction loan, which will help you build your new home. When your new cabin is finished, the lender will typically combine both the land and home loan into one. If you have questions, Ulrich Cabins will be more than happy to answer them.
Lenders will require a down payment or you can use an equity loan (if you have equity that is). It helps if you own land with no liens, as it will make it easy for you to finance.
Be Your Own Lender!
Many of our clients are borrowing from their retirement or 401k to pay for their home. You’re borrowing from yourself, paying it back, and then making money again. Consult with your 401k or retirement agent about the secret behind lending.