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I live in western Oregon,my house is 60 years old with no foundation problems but I have been told that lenders no longer willingly give loans on pier and post foundations.It seems to me if the house has had no problems for 60 years,I shouldn't have to change it."If it ain't broke,don't fix it".
It could be that insurance companies won't insure them so mortgage companies won't finance them. Just because your house is fine doesn't mean they all are and they can't pick and choose which ones they can finance/insure because that could be considered discrimination so they have to exclude by an entire class of whatever, in your case post/pier homes.
I called the company who insured the house by the former owner,had no problem getting insurance 5 years ago.This is a serious question-people around here are spending big bucks to put foundations under houses because they are being told they cannot get a mortgage with a post and pier.I want to sell this year but cannot afford to redo the foundation.My little house should sell for 180,000-200,000,it is very nice.
I called the company who insured the house by the former owner,had no problem getting insurance 5 years ago.This is a serious question-people around here are spending big bucks to put foundations under houses because they are being told they cannot get a mortgage with a post and pier.I want to sell this year but cannot afford to redo the foundation.My little house should sell for 180,000-200,000,it is very nice.
5 years ago was 5 years ago. Insurance companies are changing their requirements all the time. After Katerina I am sure a lot of companies pulled out of doing those kinds of homes because they are usually located near water.
Shop around. there are thousands of houses on P & P foundations. there are lenders and insurers that will carry them. You may have to brace the posts or add some metal which is often not a good idea because it makes them too stiff so that they cannot flex like they are supposed to. We had to do that for insurance and then remove some of the "upgrades" because they were causing our floors to buckle. It is hard to explain why without drawing it. of course if you remove the "upgrades" you risk having claims denied. However nothing in our policy said that the upgrades had to be done or had to remain in place. It was just a condition of issuing the policy.
I live in Idaho and have a home among many other pier pad and post foundation homes. I am trying to sell. My home was easily insured and I just within the year changed insurance companies. I am told FHA and FA will not approve a loan on it. It is a frame home, not manufactured. Can I be confident now that a conventional loan will approve it? If not, what in the world are all of we pier pad and post perfectly fine homeowners supposed to do at this time?
I am with a portfolio lender, who defaults to Fannie guidelines. I've been doing loans for 30 years and have not been told or read anything about this issue, we do loans in all 50 states, so it's not like there's been no exposure to this type of home.
Your buyers, when you sell, may be a narrow group, but I am betting financing will be available.
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insurance?Serious question.
