I have a purchase brewing in the foothills of CA.  A paper folks, 20% down, 2nd home, conf. loan amount.  I can't find anyone who will do it.  Please let me know who you are using.

Try Troy Kennedy (888)564-8462  Wells Fargo or M&T Bank (888)539-1160----not sure if either/both are retail only though.

Brian,

I had a refi scenario log cabin excellent credit, great ltv no cash out.

Due to no recent comps of log cabins deal denied. (secondary guidelines)

I think with unique homes in this market with no comps it most likely can not go to Freddie or Fannie hence private investor hence higher rate or maybe a local bank that holds onto its paper.

On a seperate note:

Now with HVCC in effect we have allready begin to see more and more deals die and customers lose $$$$$.

Thanks to Mr. Cuomo 

Here's something that the HUD Handbook (4150.2) has to say about log homes:

"4-4 UNIQUE PROPERTY APPRAISALS

Appraisers are sometimes faced with unique properties: a log home, an extra small home, lower than normal ceiling heights, etc. Eligibility of these properties depends on whether or not the property is structurally sound and readily marketable. If a property meets these criteria, the appraiser estimates market value. However, depending on the uniqueness of a property, the final determination to accept or reject the property is made by the lending institution's underwriter."

I went through the same thing with a perfectly good loan on a log home too --and on an FHA loan, no less-- no comps.  The way the story goes is that if there are no comps, it's not readily marketable.......  The lender in question had no problem with log homes in general  --many others just say "no log homes" as a rule--  they just wanted comps.  The only other log home that sold recently was one county over and had a purchase price significantly lower than my borrower's.     

Brian, I have always had decent luck with Wells both FHA/Conv.  You are going to need at least 1 log comp within 5 miles sold in the last 3-6 months, otherwise its a gonner unfortunately.  Maybe you should call an appraiser to find out if there at least comps out there? Oh wait....we can't do that anymore to look out for the best interest of our borrowers now can we!

Hey guys,

Thanks for the feedback.  Wells will do it on wholesale basis, just have to have comps. and be common for the area.

Of course, I can't contact a local appraiser to determine if there are recent sold Log Cabins, so I get to gamble with my borrower's $.  Fun and games...

which county is it in?

Big Trees, up in Calaveras.

Try areal estate agent to see if log homes have sold... maybe you'll even get a referral source out of calling around.

Sorry--- don't have an appraiser in that area Brian.