I've been trying to refi my log home on 2.3 acres in Snohomish County, Washington since December.  My wife and I have excellent credit, both close to 800 FICOs, debt to income ratio of 28%...and we cannot refinance.  Our last appraisal had zero comps that were log homes, only stick built.  My guess is that since lenders require comps that are log homes and they are rare, that no one is able to get a mortgage to buy (or sell) a log home. Thus, I can't get any comps.  I'm feeling screwed here.  Fannie Mae owns my mortgage.

Is there some way to get around this catch 22?  My mortgage broker tried to apply under the stimulus bill's "refi-plus", hoping that it wouldn't require an appraisal, but it asked for one, putting us back at square one. We now must wait for someone to sell a log home nearby (for cash) so we can get a comp. Good luck having two comps that are log homes.  Does anyone know what triggers a requirement for appraisal with the refi-plus program? Is it random?  Once my broker has applied is it to late to try again?

I was advised by someone to try an FHA loan. Is this a possibility? Can someone at Fannie Mae help me with this problem since their guidelines are what is screwing us?

Thanks,
Alan  

Ubfrotunately you own a unique property in unique times.  Bad combination.  I would check with a bank that you use personally or a local community bank or credit union near the property.