Housing Market Slowdown

[codeman671]

Originally Posted by fatlazyless

Believe it is almost impossible to get a mortgage for a house built on piers, ie wood or cement blocks, or one that draws its water from the lake. Something to do with federal gov mortgage rules for banks.

So, could be that million dollar island homes typically get purchased with all cash and no mortgage?

Hey ..... just look at this western, big waterfront view and the 350' untouched waterfront privacy ...... ooh la la!

There certainly are local banks that will lend on these. It’s a portfolio loan, where they will service it in house and not broker it. Bank of NH used to do it but completely got out of the mortgage business. Meredith Village does as well as a few other local banks. We sold ours last fall and the buyer used Meredith.