Palm Springs, Calif., has been a redoubt for snowbirds and show business royalty at least since the 1930s.
Buyers experience problems getting a mortgage when buying nontraditional properties
September 05, 2014
Green homes, unique architecture that stands out from the neighbors, a house in trees – appraisers and lenders find these homes difficult to value.
Because of this, the New York Times reports that if lenders are willing to extend any financing to these nontraditional property purchases, they may significantly decrease the amount they’re willing to lend. Buyers looking to buy unconventional homes should be prepared to come up with more than the usual 20 percent down payment.
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