cancel
Showing results for 
Search instead for 
Did you mean: 

Has anyone Financed a TINY HOME?

tag
Anonymous
Not applicable

Has anyone Financed a TINY HOME?

I want a tiny home. I don't have $60,000 + cash. I was wondering if anyone has tackled this before. Was it a unsecured loan?, RV loan? Which bank/CU did you go through?
Message 1 of 7
6 REPLIES 6
IOBA
Senior Contributor

Re: Has anyone Financed a TINY HOME?

This would probably receive more responses if this post was in the mortgage forum.

 

Why not call up a bank, a credit union, and a broker and ask them?  Will the tiny home be on wheels to be moved from one location to the next?  Or do you plan to park it (more or less) permanently on a piece of land?

Message 2 of 7
garagebandking
Regular Contributor

Re: Has anyone Financed a TINY HOME?

The mortgage forum may be of more service, or surely, with their popularity...a tiny house forum has to exist somewhere.

 

I'd imagine if it has wheels and/or is able to be easily moved it would be considered a mobile home. Only experience I have with that is my uncle's home in a retirement community was considered a "vehicle loan".

 

 

Message 3 of 7
Anonymous
Not applicable

Re: Has anyone Financed a TINY HOME?

Yeah you are looking a financing the LAND, but for the house itself banks look at it like a trailer for witch you need a BIG down payment. But the best way to do it is go thru a retailer of these homes. They have banks set up just like car dealerships.
Message 4 of 7
StartinOver
Frequent Contributor

Re: Has anyone Financed a TINY HOME?

I haven't done it, ut I'd like to someday. It is usally classified as an RV and often the builder must have a particular certification. I forgot what this is called (RV certified builder). I believe there's 2 certifications.

4/25/11 FICO: EQ 761....EX 770.....TU 744
3/6/2011 FICO: EQ 710... EX 718... TU 710
09/09 FICO: EQ: 525
Message 5 of 7
Anonymous
Not applicable

Re: Has anyone Financed a TINY HOME?

Unless the axles, wheels and so forth are removed in my state its considered a car and has a car title no home.   

Message 6 of 7
Threeof5
New Contributor

Re: Has anyone Financed a TINY HOME?

Many of these "tiny homes" are called park models. They can be financed similar to a manufactured home (since they are made to the same specs). There are some stipulations to them, at least to the one or two I've done. The down payment is usually 20% and right now, the two lenders I have that do them finance only in Arizona and California. 

Starting 12/27/16 FICO Score 8 EQ 645 TU 643 EX 618
Current 6/27/17 FICO Score 8 EQ 797 TU 804 EX 782


Goal 740+ ACHIEVED 4/5/17 FICO Score 8 EQ 776 TU 762 EX 748
Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.