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jazzman · 10-17-2012, 11:16 PM

We found that island properties didn't meet fanniemae/freddiemac lending guidelines even with nearly 50% down. Not sure if this extended to all seasonal places or if it was a no public road thing. Banks were of course happy to do private portfolio loans at 5+% fixed for 30 years.

We eventually found Franklin Savings Bank had a special agreement with fanniemae that let our loan go through.

Then you find out that everything on the lakefront is considered a flood zone these days...

Then you find out that most insurance companies don't do houses on piers...

Then you find out that the bank appraisal system is pretty random on island properties.

Lots of hurdles... These have to be taking some number of potential buyers off the books.

10-17-2012, 11:16 PM	#5
jazzman Senior Member Join Date: Jul 2011 Location: Mont Vernon NH & Big Barndoor Island Posts: 327 Thanks: 4 Thanked 185 Times in 63 Posts	We found that island properties didn't meet fanniemae/freddiemac lending guidelines even with nearly 50% down. Not sure if this extended to all seasonal places or if it was a no public road thing. Banks were of course happy to do private portfolio loans at 5+% fixed for 30 years. We eventually found Franklin Savings Bank had a special agreement with fanniemae that let our loan go through. Then you find out that everything on the lakefront is considered a flood zone these days... Then you find out that most insurance companies don't do houses on piers... Then you find out that the bank appraisal system is pretty random on island properties. Lots of hurdles... These have to be taking some number of potential buyers off the books.