Cost-effective, energy-efficient and low-maintenance, barndominiums remain an enduring favorite for unconventional living spaces in Texas. If you plan on having yours built this season, you’ll need to consider how you’re going to finance the project.
1. Conventional financing options will be limited. The barndominium is not officially classified as a house, so financing its construction with a conventional mortgage loan may not be possible. Other financing options may not work as well because of a lack of comparable sales in the market – a factor that’s required during the appraisal process. But that may soon change with the rising popularity of barndominiums.
2. Local banks and farm credit institutions are likely lenders. You may expect more financing options to become available for barndominiums in the near future. Until then, you’ll need to turn to farm credit lenders as most of them will finance this type of project. There, loan officers will evaluate your current situation and plan to determine whether a loan should be approved. You may also try your luck at a local bank.
3. There are ways to increase your chances of approval. And these will take a bit of effort. For starters, you’ll need to show your prospective lender a detailed and precise plan of your barndominium. You may need to work with an architect for this. Using three-dimensional (3D) rendering tools should be handy for the more visual aspects of the building. Avoid overlooking the necessary codes and regulations involved with this type of project as well. Lenders might want to take a look at the supplies list and the timeline, so make sure these details are also included in your proposal.
Schedule a Consultation With Us
By supplying high-quality materials and options, the skilled building experts at Metal Warehouse Inc. can help you create the ideal barndominium for your needs. We proudly serve the areas in and around Sherman, TX. Call us today at (903) 465-6699, or fill out this contact form to schedule a consultation. We look forward to hearing from you!
