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We got a multi-100 thousand loan on a home on sand road (Yacht Drive on Oak Island, since been paved) back in mid 90's. I do not recall it being an issue.
That was the 90"s you cannot compare anthing happening with banking and mortgages to that time period. The rules have all changed. There are people with millions in value and no mortgages or debt, and the perfect credit score getting turned down today. I bet your multi-100 thousand home has taken a huge hit in this economy.
I am a realtor who also owns a second home on a private road. What I have found is that many national lenders want a Private Road Maintenance Agreement in place before they will lend on it. Often you don't find this out until it goes to underwriting. Local banks and credit unions that know the area are more likely to lend on a house located on a private toad. You should ask up front about this before you pay for an appraisal. Unfortunately I learned the hard way from personal experience.
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