Underground Home Loans
Underground home loans are much different than underwater home
loans. Getting a loan for an underground, earth bermed or sheltered
home can be a daunting experience especially when buying used.
Underground Home Loan
How does one go about appraising an underground
home or an earth sheltered home? Chances are there are no
comparable homes in the neighborhood. Chances are the bank
representative or mortgage agent will look at you with crossed
eyes when you inquire about such financing.
This is especially true if you're buying an earth bermed or underground
home directly from the seller. But, there are a few options you
may want to consider when you decide to purchase and underground
or earth sheltered home.
First, do a search in your state or even in other states to see
what these types of houses are selling for, if even to get a ballpark
figure. If buying new, then enlist the help of a real estate agent
as they will most likely have some ideas on where to go for financing.
Also a resource such as Lending Tree or Ditech are also resources
that let the lenders compete for your business.
Another idea is to have builder experienced in underground or
earth sheltered homes recommend financing. Or, some builders have
even partnered up with financing companies, which makes it much
easier and less hassle for their clients to get a loan. One resource
is Daviscaves.com and another is Earthshelteredhousing.com.
Cash for Underground Homes ...
And yet another option is to build your own underground home
or earth sheltered house. There are underground
home plans one can buy as well as books on the subject. Of
course you may want to go the route of self-financing if the land
and materials are cheap enough.
Since underground homes and earth sheltered houses are the ultimate
in green homes, then getting an Energy Efficient Mortgage (EEM)is
another route to go. Here are three government resources for an
Energy Efficient Mortgage including the FHA, Home
Energy Saver and EnergyStar.gov.
Taking out an Energy Efficient Mortgage can help you switch to
energy efficient appliances as well as those that conserve water,
such as a tank-less water heater, low flush toilets and a water
and energy efficient dishwasher.
According to Louis Wampler, the author of the book, Underground
Homes, "We are still in the infancy stage in the development
of underground homes. Such houses will generally become more acceptable
with the passage of time. Technology on their construction will
improve, and the construction costs will go down.
"If the construction costs on subterranean homes become
considerably lower than on conventional homes, watch for a building
boom underground, with money-lenders eager to lend mortgage money
not only because the houses are being accepted by the public,
but because they are practically indestructible."
Even though mortgage financing is harder to get now days in general
it is still possible. Underground homes and those that are earth
sheltered or bermed give homeowners energy savings that other
traditional housing cannot. Both lenders and government takes
this into account when one is applying for such a loan. So keep
your head up if underground is where you want to be.