Steel Building/ Post Frame Homes

Has anybody here gone through the process of building and financing a steel building home? I'm trying to figure out what my road blocks are. I am getting conflicting information on the ability to finance them. I 'm probably going to my bank this weekend to start the conversation to figure out what they need.

 

I started a thread about this a few months ago. I was getting the same conflicting information, even from my own family (stepfather is real estate appraiser, sister-in-law is a mortgage officer). Near as I can tell, there are two type of buildings - one with a complete steel structure (not including interior wall framing), and one with a wooden structure overlaid with steel siding and roof. The complete steel structure should be subject to similar financing as a regular house. The wooden structure is considered a barn/outbuilding, and cannot be financed as a regular house.

 

Around here, the banks say the same thing. But if you build your wood structure pole barn/home on a masonry foundation, the banks will consider it a house and provide financing. Most barn builders I know use a standard concrete footer/block foundation under all of their barns.

 

Where are you located?

 

That is kinda what I am reading, but I am struggling to find the exact requirements to make a standard mortgage possible.

Outside of Nashville TN. This will be built in a rural area.

 

If you are talking Light Gage metal studs instead of wood, it shouldn't be a problem. If you are talking pre-engineered metal building to house, they will be wary because there is no real way to get comparables. Banks/Mortgage companies live and die by appraisals. Defying convention is difficult to appraise

 

I don't know about the OP, but my intent is to build one of these. The exterior structure will be totally steel. The "house" part inside will still probably have wood framed walls (hanging sheetrock and pictures and stuff with metal studs is a pain in the ass, plus they're expensive).

 

This is exactly what I am talking about.

 

Good luck...that's a barn/garage where I come from.

 

Maybe so, but I'm not exactly the first one to ever do this. I figure I'll have more luck in rural Missouri than somebody in say, NoVa or South Florida would

 

This may give you a better idea.

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Talk to your local bank. As a general rule of thumb it is a non-conforming structure, but that doesn't mean that you can't get a lender to give you an exception.

 

I didn't say it couldn't be done, but non-standard will require much more work.

 

More to consider...building code might be a challenge as well. My ideal dwelling is an apartment over a multiple bay shop. Two hurdles, the bank and my wife.

 

As well as very good credit, low DTI, and a good amount of equity/down payment.

 

Smaller banks tend to be more leanient in their lending practices. Call the local Ag department, and ask them for referrals.

I have an equipment loan through AgDirect. Look them up, not sure if they do anything outside of equipment, but you could try.

 

I bank through a local credit union. I plan on talking with them on Saturday. I just want to have my ducks in a row. This way I can make sure to ask the right questions, and explain to them what I want to do correctly.

I have noticed that some steel structure companies are starting to offer "home kits". I wonder if these can be considered "prefab" houses and therefore be easier to get a traditional mortgage on.

 

FWIW, I'm a metal stud contractor. Like young57 says, don't frame residential walls with them. I know it's a slight trend, but just don't.

 

I didn't plan on it. Just the main structure will be steel, with a traditional wood stud walls with sheetrock.

 

Don't we have a resident mortgage specialist?