We purchased 10.5 acres outside of Murphy, NC in the summer of 2003. We knew it was meant to me as soon as we saw it. Paradox Farms...an old 140+ year old homestead with an 1800's replica Appalachian cabin, barn, orchard with a 90 year old heirloom apple tree....all tucked in a valley surrounded by the mountains on all side (pics below the fold).
After 5 years of living in Atlanta during the week and the farm on weekends, we had a local architect come out and review our site and sit down with us and design our dream home...a passive solar home designed to sit into the south facing mountainside. Found a builder but economic uncertainty put the plans on hold for a few months.
In January, we decided to move ahead with the construction. Contacted the people who made our land loan and got to the last step of a "comparable appraisal" only to be informed that because our house is "different" and "underground" that they cannot appraise it and therefore no loan.
After being rejected by two local lenders and having no luck with a mortgage broker who talked to many more, I got on the phone today. Talked to a few more banks and got the same story. Finally talked to the local bank branch manager and he explained that without a comparable sales appraisal that the FDIC and NC State Banking Commission would write them up for making an "unsafe" loan.
This has nothing to do with finances. We have a net worth approaching $1 million. I have been at my job for 24 years. My wife has been at hers for 15. We have excellent credit. We are asking to borrow 1.5 times our annual salary. This is not a financial calculation.
I am being denied a loan because I had someone design a house to fit into the landscape. I own the front side of a small mountain/hill. The property line runs along the ridge and the ground quickly falls away. The house is designed to take advantage of the lay of the land and be built into the hillside with the South side consisting of 20' of windows facing due south. The combination of the insulation of the ground and 10" thick concrete walls and sun warming in the cooler months will make for a very efficient, low operating cost, low carbon emission home. But that does not rate in the current scheme of things. Even the most solvent cannot invest their money to show how to build a better house.
After 6 1/2 years of trying to live in two places and play the weekend farmer, it is time to build the house or punt. I don't want to punt but I'm running out of energy.
Hoping someone here might have a possible solution. This is my first diary and I wish it could have been on a more broad reaching topic but I'm struggling. We've had this dream for years and I'm seeing it disappear.
I'm still going to spend every weekend this month planting next year garlic crop and keep the dream alive but if the house isn't being built by spring, I don't know if I have another year of a dual lifestyle and I know Connie doesn't.
Here's some pics just to show you why I want this to happen.....keep in mind that 6 years ago this was mostly cow pasture and weeds....
Long term goal is to get out of the corporate world and live a more sustainable lifestyle growing most of our own food and some for the local community. Am I crazy?
I'm beginning to think so. Any suggestions on financing or just general showing of support that I'm not insane would be helpful.
Peace.
FarmerG