refinancing

[Mark Berres]

What is the name of your state? ca
i want to refi my geodesic dome and my principal mortgage holder refuses to give me a fixed rate, only and adj. rate. i'm told that this is due to the fact that a geodesic dome is a non-conforming structure, according to fanny-may and freddie mac. is this legal?particularly since they already hold the paper on my home?

 

[HomeGuru]

What is the name of your state? ca
i want to refi my geodesic dome and my principal mortgage holder refuses to give me a fixed rate, only and adj. rate. i'm told that this is due to the fact that a geodesic dome is a non-conforming structure, according to fanny-may and freddie mac. is this legal?particularly since they already hold the paper on my home?

**A: ask them for a copy of the Fannie Mae and Freddie Mac underwriting guidelines that state that the structure is non-conforming.
Regardless, your existing lender is under no obligation to refinance the loan period.

 

[HUD-1]

If they can't find comparable sales, then they will probably consider it non-conforming. A lender would then have to find private investor funds and place it at a higher interest rate than a conforming loan.