Many lenders refrain from offering traditional mortgages for homes in barns with poles. For example, Freddie Mac and Fannie Mae won't offer these loans at all. Post and Beam houses have been built in the United States ever since settlers first crossed the large pond. This craft and method of building a house is alive and rapidly growing.
These are outstanding products created with IRC (international residential code) or the same code. Many have an external appearance as if they were the same style as an old barn from the 19th or early 20th century, but the external appearance does not define funding. They are beautiful homes with wide appeal and marketability. New Century has reduced the mortgage gap for Post and Beam Barn homes to provide the same financing as any other conventionally built home.
The best interest rates and terms are now available through New Century Bank. Using its own ingenuity, New Century Bank has made fixed-rate residential mortgages available to post-fabricated residential homes. As Lierz casually says, these buildings are “just a house with an oversized garage. He continued: “We have equalized the playing field for the postframe industry with Fannie Mae (FNMA) mortgages.
As long as construction approves local and county residential codes, this source of fixed-rate mortgages will open up. You can use a USDA loan to purchase single-family property, including an estate, if you meet the appraisal requirements. But again, if there are no comparable properties, you might have a hard time approving the valuation. As a side note, if the post-construction building is a secondary structure and not the primary residence, many people choose to use a home equity line of credit to finance construction.