I am looking for input on how to finance a property I want. It’s 20 acres with a rustic cabin (no water, generator hookup for electricity). I could pay cash, but my wife would have a heart attack. Part of our savings is for emergencies and the other part is to do work on our house - so most of that is off limits.
The purchase price will be between $34-$39K. I prefer to have the lowest monthly payments possible. My bank initially said they could finance it for 10% down, for 30 years, at 3.776%. But, when I went back to verify they said that the dwelling cannot be seasonal for these rates and that they cannot finance it. At the initial rates they quoted me, my monthly payment would have been between $240-$260, with property taxes and insurance included. I would love to get financing like that if possible.
Any logical ideas on how I could do this?