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Loans for Seasonal Cabins

Whether you’re looking for a lake cabin or a small cabin in the woods, Northern Minnesota and Northern Wisconsin are full of them. Three-season cabins run the gamut from primitive and rustic to homey, cozy, and full of charm, and they’re often more affordable than larger year-round cabins. This can make them a great option to buy for family summer vacations or weekend trips. 

If you have your eye on a seasonal vacation property for sale, Northview Bank is your best choice for financing.

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How Can I Finance a Three-Season Cabin?

A three-season, or seasonal, cabin is defined as one that cannot be used year-round. Three-season cabins can be difficult to finance—if you’re not working with Northview Bank. 

What Kind of Loan Can I Get for a Seasonal Cabin?

In order to get a government-backed loan for a vacation home, it must have water, sewer, a full bath and full kitchen, one bedroom with a closet, and a full central heating system. But what if you have your eye on a great little cabin that does not meet those requirements? 

That’s where you’ll truly appreciate the flexibility and full-service approach Northview Bank takes with lending. We always work with borrowers to find the most attractive program available for the borrower based on the property type. 

Here’s a common example: We have an applicant who applies for a conventional loan that would be sold to a government-backed agency and serviced by Northview. When the appraisal comes back, the property is missing one factor to make it a qualifying secondary property. 

If you’re banking somewhere else, the process ends there, and you have to switch from a mortgage broker to a local bank—but at Northview we can easily switch it over to an in-house program. Northview Bank’s range of lending options creates alternatives to keep your loan and dream moving forward with no extra effort. 

Loans to Upgrade a Seasonal Cabin 

Often when people buy a three-season cabin they plan to convert it to a year-round property. This may be as easy as adding a central heating system, insulation, or a closet. That would make it a year-round cabin and qualify it for a conventional mortgage, which would be to your advantage. But how can you do that before you lock in your loan?

Northview Bank offers programs that pair a purchase and construction loan with a conventional loan that would be closed upon completion of the small construction project. We qualify the borrower for both loans up front and work with them during the construction project so they will be able to close quickly upon completion on a long-term, fixed rate conventional mortgage.

Seasonal Cabin Financing Starts Here

Many borrowers wonder if a cabin will qualify for conventional financing. Northview Bank is willing to work with borrowers directly to give them an idea of programs, rates, and terms available to them for specific types of properties. 

If you’re ready to get started on this great adventure, click here to prequalify for a seasonal cabin through Northview Bank.

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