Great information on low priced homes, and the issues with financing them. Thanks for the info Pamela!!
If you need assistance on a home in West GA or East AL, please give me a call. Karen Steed 678-521-3585 (cell) or 770-574-9221 (office)
Keeping a $20,000 House at $20,000 Market Value
I just love this idea: affordable housing with a unique architectural design that makes home ownership possible for those on fixed incomes in rural areas.
Auburn University started Rural Studio in 1993 as a design challenge for students to perfect a 550 square foot home and to give back to the community.
The problem is the $20,000 homes are increasing in market value. The Studio wants to keep the price at $20,000 so that mortgage payments are affordable for those on social security. As I know from experience, the cost for a loan is about the same whether the mortgage is $20,000 or $200,000. When home prices were unbelievably low in some areas just a few years ago, unless home buyers were paying all cash, it was impossible to buy with a mortgage because lenders just don’t lend on lower end purchase prices.
To date the Studio has built 12 homes for Black Belt Alabama and plan to build 8 more from fundraising efforts. They plan to put their design idea on the market.
It would be nice to see a bank step up and offer low mortgage loans to achieve affordable home ownership for those on lower, fixed incomes.
Pamela Seley, REALTOR® - REALTY EXECUTIVES OTF
31213 Temecula Valley Parkway, #100, Temecula, California 92592
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