Unique home with no local comparables-Can't get lender approved

Okay. Here’s our situation: We have less than perfect credit, but we have been approved three times with mortgage companies, only in the end to be told the lender does not like the house, where it is located or the style in which it was built. (dutch barn style w/ rustic-weathered corrugated tin siding). This is a unique style house for our area they say. We are in desperate need of a cash out loan. We own it free and clear and have no outstanding mortgage. We own the land the home is on also.(7/10 of an acre). We have gotten two appraisals already. One appraisal valued it at $128,000 and the other at $105,000. So, we definitely have something of value, but nobody wants to lend on it. Please help.[b][/b]

There are equity based lenders up to 50% LTV. I’m not sure what you are looking for, but if you own it free and clear I am suprised that someone couldn’t get through somewhere. Where are you located?

Hi there. We are located in Weatherford, Texas. Just about 30 miles west of Ft. Worth. We were hoping to get 80% of our homes value in cash. I’m not sure of all the mortgage vocabulary, but I think they still said it would be like a refinance or something.

If you own the property free and clear and want to take your equity out, it is a “cash-out refinance”…I do them with all of my rental properties. Expect to pay about .25% higher than regular loans because it is a cash-out refi (this is my experience, it may vary by lender).

I use Hibernia Mortgage and have been very happy with them. They lend in Texas.