As of a week ago, we were just about ready to go.
-Construction insurance lined up
-Loan amount approved
We were just waiting on the appraiser to let the bank know the value of the home according to his reading of the plans.
Then Monday came and went. Tuesday was phone tag with our loan officer. Then Wednesday I get a call from the bank saying that the appraiser can't give him a value because there hasn't been any straw bale homes bought or sold in our county in the last four years.
Sadness!
The loan officer tells me that it is up to the president of the bank to decide if they will still loan us the money.
Thankfully, Thursday morning, the president of the Colorado Straw Bale Association called me to offer his help! http://www.coloradostrawbale.org/
Among many wonderful points being made he said, "People don't describe their homes as being post and beam with fiberglass insulation." So, just because we are using a natural material to insulate our house shouldn't make the bank not want to loan us the money.
He then spoke to our loan officer and put him in touch with another bank in Durango, Colorado that has done many construction loans for houses just like ours.
There are three other straw bale structures in our county that have gone thru the hoops of building permits and regulations. So I am grateful that that won't be a major battle for us. However, those other homes were payed for out of pocket. So we are the ones having to pave the way for future construction loans for houses like ours.
So, now we wait for the answer from the bank and see where we go from here......
We are trying to do a good thing! Your happy thoughts are welcome!
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