Zillow Advice RSS: Question-Discussion-Guide,Mortgage,Cudahy- WI http://www.zillow.com/advice/Cudahy-WI/mortgage/question-discussion-guide/ Zillow Advice search results | Zillow Real Estate Getting a loan on a unique property is se wisconsin http://www.zillow.com/advice-thread/Getting-a-loan-on-a-unique-property-is-se-wisconsin/487859/ I am looking to buy a unconventional house (a old school house) that was turned into a single family home in 1986. It's in the middle of cudahy wisconsin which is part of Milwaukee (not rual at all) I am awaiting to hear back from my credit union, the mortage broker I went to wont touch it due to it being unique. I am going to talk with another local credit union and see what they are willing to do. The house won't have comparables because its much bigger sqft wise the the houses in the area. It's priced reasonable for the area (the surrounding conventional houses have sold for a average of 130 to 155k) with the school at 185k. The old school has .5 acres vs typical house having 1/5th that in the area. The school is also made of brick (vs siding on most) massive is size, has a recent 40k dollar heating system installed, etc. It's worth the asking price without a doubt but I realize there is a lot of importance put on quick sale ability. It is registered as a single family home in a residential area. I have a middle credit score of 730+ and I am flexible on money down 5 to 15%, however I want to keep as much money as possible to renovate to my liking. I have a stable job, paid off motorcycle/cars, and I have a 6,800 average gross monthly income (prior to my raise) with a total bill expense of 500$ a month for everything (phone/1 car payment/insurance/etc). What do you think I should do? I absolutely love the house, and with my skills I know I could really make it into something amazing. I know it's a greater risk then a cookie cutter house. I have been approved for 250K+ at 3.5%, conventional loan 5% down, (and much higher if I am willing to put more down). Even if I had to go up in interest to 4 or 4.5 I would do it for this house. It was "suggested" there is a investor in the area that would touch it for 5.5% to 6% and 20% down, but I don't feel the risk involved in the school suggests that much. Any advice would be greatly appreciated.<br \><br \>1 reply Sun, 14 Apr 2013 06:25:00 GMT http://www.zillow.com/advice-thread/Getting-a-loan-on-a-unique-property-is-se-wisconsin/487859/ 2013-04-14T06:25:00Z