SO YOU WANT TO BUY A CABIN

A cabin in the woods - isn't that everyone's Alaskan dream?

The biggest obstacle to that dream is usually financing. Unless they have running water (most don't), electricity, and road access, cabins don't qualify for conventional financing. Even with all of that, they may not meet residential square footage minimums. Or the acreage may be too large.

If the cabin doesn't qualify for conventional financing, you'll need to seek out a nonconforming loan from a local lender. Generally a minimum of 25% down will be required, and the term often can't exceed 15 years, though the terms may be flexible depending on the property and the buyer. The interest rate will also be higher than conventional financing.

Another option is owner financing. Generally owners would like to see a substantial down payment and a relatively short loan term - ten or fifteen years may be the most you can negotiate. A good credit score is a big help in negotiating an owner finance package. With the stock market shaky and bank interest rates at all time lows, owners may be more interested in financing than they were when times were flush. A note of caution: because promissory notes contain "due on sale clauses" (the lender can call the entire note due if ownership transfers), sellers negotiating an owner finance should own the property outright.