Financing in Brainerd>Question Details

Bartandscotty, Home Buyer in Zimmerman, MN

Our lender (Wells Fargo) will not finance a home w/out "permanent year-round heat souce; how can we finance a seasonal cabin?

Asked by Bartandscotty, Zimmerman, MN Wed Sep 14, 2011

Help the community by answering this question:


Great suggestion @Katie! Electric baseboard heaters are pretty simple to install, not very costly, satisfies lender requirements AND you never have to turn them on! I have done this to get around the absence of heat source and to satisfy requirements when a pellet or wood stove was the only source of heat in a property.

All my best,

NMLS #279125
(951) 795-4547
0 votes Thank Flag Link Wed Mar 20, 2013
Electric baseboard heat is the way to go. I recently sold a seasonal cabin and the buyer had the electric baseboard heat installed and then it appraised out!
Katie Lee
0 votes Thank Flag Link Wed Mar 20, 2013
Conventional and FHA mortgages require a permament heating source (a fireplace does not count). If a local bank will not finance, I would suggest an asset based loan.
0 votes Thank Flag Link Thu Sep 15, 2011
Unless you have a local bank/credit union who will hold the mortgage paper and not sell it on the secondary market it is unlikely that you will find financing without a permanent heat source. I have ran into this before and electric baseboard seem to be one of the best options. Inexpensive and inobstrustive....they accomplish the financing requirement without any need to operate them occassionally to ensure the systems are working properly.
0 votes Thank Flag Link Thu Sep 15, 2011
Go to DeerWood Bank right in the middle of Brainard. I am not a loan officer but I have heard really good things with them being local.
0 votes Thank Flag Link Thu Sep 15, 2011
Bartandscotty, a few questions ... (1) is your purchase of this property a second, vacation home, if YES, (2) do you have enough equity in your primary home to use the equity in a cash out refinance.

FYI I am with Wells Fargo.
0 votes Thank Flag Link Wed Sep 14, 2011
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