I talked to a lady at mortgages-to-go for more details about financing an Earthship build. I then took that knowledge and did some research. Here is what I found:
In order to finance land and then the build, you may have to apply for a construction mortgage, which can also be called a draw mortgage. Please read this link to understand what this entails.
http://www.miimortgagegroup.com/construction_mortgage.html
Not only must a person qualify, but depending on who is doing the contracting, they will also have to produce a full construction plan, in order to be approved. Then they are given the money in stages, at different points in the build. In order to get more money, they must pass several inspections.
While frustrating, this is how a mortgage company reduces the risk of someone walking away from a build and not being able to pay the loan back.
It will also force anyone who intends to "self build" to really understand the stages, time lines and costs. Just writing out that plan will help them comprehend the sort of commitment they will need.
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