But the concern of the value if foreclosed is important if banks are involved.

Reader comment on: Dodd-Frank and the Dome House

Submitted by Lyle (United States), Jun 2, 2015 16:14

The crisis showed that the market value of the house is an important issue in mortgage underwriting in that one must assume the possiblity of foreclosure. An unconventional house should require a larger down payment to ensure that the lender is made whole in case of a foreclosure. Now if you pay cash then the issue may be local building codes instead. (Such as ones that forbid modular homes)

Note: Comments are moderated by the editor and are subject to editing.

Comment on this item