# Off the Grid Mortgage



## luckysranch (Jun 24, 2005)

Does anyone know of a mortgage company that finances off the grid properties. We have several Amish properties in which people have expressed the wish to purchase and stay off the grid. You can get a land loan, but the interest rate would be higher and the loan terms shorter making the monthly payments rather high.


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## no1cowboy (May 2, 2004)

Why would having power or not make a differance with a mortgage?


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## Argono (Apr 8, 2008)

Probably having to do with being able to recoup the cost through resale if the original buyer defaulted or such.


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## Jim-mi (May 15, 2002)

Some friends had to bring in the grid to get the mortgage bucks to build their house.
bummer


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## otobesane1 (May 27, 2008)

Argono is exactly right. A friend who is the VP of our local bank confirmed the same thing. They want to make sure that they can recoup the most money in the event of a foreclosure. He did say that they would consider a loan on an off grid home if the owner put up a significant down payment in the 50 percent range. The loan to value ration would have to be way tilted in the bank's favor for them to even consider the loan. Another consideration would be if the land was owned free and clear and the owner put it up as collateral against the home loan.

TK


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## sammyd (Mar 11, 2007)

We had the same reaction when we looked at an Amish house, they'll lend you the dough but you'd better have a sizeable down. In WI now it is illegal for the Amish to remove the electric when they purchase an on grid property. They can disconnect but all the stuff must stay in place.


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