Tuesday, May 19, 2009

The waiting game continues...

We have the zoning permit from the city and are now waiting for the building permit from the county- they want to know all of the details and Russ is busy trying to get them all of the details so we can break ground asap. The excavator/concrete guy is chomping at the bit to get going. He's called us three times- the economy hard times has made it to our area.
Did I mention that Russ sold the truck with the engine he rebuilt on ebay!!!!!

ps- Some for 13 ways to go green and save follow this link!

Tuesday, May 12, 2009


It has been a long road but we are almost there!
Long story short:
Went to bank #1- they wanted 20% down they told us to go to another bank (#2)for the construction loan at 9.75% and then come back to them for long term financing.
That rate seemed high so we called around and finally found bank #3- they didn't want anything down and everything was great until the appraiser said that there was no way to appraise our plans b/c no other straw bale homes have been bought or sold in our county in the last four years. The bank freaked out and refused to loan us the money (even if we found a different appraiser).
Back to the phones....The Colorado Straw bale Association was trying to help us as much as they could. All the banks I called wanted 20% down and we were running out of time fast to get the house started and this summer.
Went back thru our notes and found bank #2 and decided that the construction loan rate of 9.75% for 9 months would be better than nothing and we'd have a much lower long term rate with bank #1.
So we call #2 and get approved for the money just like with #1 and #3 and get to the appraisal part and found an appraiser in Salt Lake that came down and got the job done!
We needed the appraisal to come in at $120,000 (including the land) and it came in at $146,000!!!!!!!!!
So we closed on a construction loan today!
Next we get zoning approval and building permits from the city and county and we hopefully break ground by the end of the month!!