How To: Finance A Tiny Home

Let's chat money, for just minute...OK? The second largest hurdle when it comes to building a tiny home is securing financing for the project. Many lenders turn away tiny home folks because they simply do not know how to offer financing on a tiny home. The lenders that do offer financing want to see a near perfect credit profile.
So let's talk about it. What does near perfect look like in the eyes of a lender? What are some institutions I can work with TODAY to begin the loan process? Do I need money down? These are all very relevant questions you need to be asking yourself before your tiny home project can begin.
I am offering up my own lending experience. Please keep in mind I am NOT a credit counselor and what I have to say comes from what I went through. I am here to offer help and be a resource for those of you who need to secure financing for your tiny home project.
As promised in the video, here is the tiny home communities PDF link:
www.farouttiny...
Let's get connected:
/ farouttinyhomes
/ farouttinyhomes
Would you like to start a direct link of communication? (No solicitation please) [e-mail]
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#tinyhomefinancing #tinyhomeonwheels #tinyhomelending #THOW
How to secure financing for your tiny home. Securing financing for your tiny home can be difficult. Lenders that offer financing for tiny homes want to see a near perfect credit profile. Tiny home financing can have short pay back terms and high interest rates. Do your research before you start applying for tiny home financing.

[@lvretips]

In Las Vegas, another way to finance a tiny home and land is to obtain a construction loan. When the home is delivered and attached it becomes real property and the loan can be transferred into a standard loan, Va or conventional. ❤

[@FarOutTinyHomes]

I wish it were that simple! Thanks for sharing that input. However the banks have zero comps and will not loan for this specific set up.

[@nancimiller6850]

Looove this channel! And to add to the wealth of information that this Jilan provided, many thanks, a new kid on the Financing block is Liberty Bank of Utah. They offer terms nationwide for THOW's! Min. FICO 650 & 20% down! And until now, the longest terms a Tiny could receive was 15 years with an RV loan. If your Tiny is NOAH Certified, it has the option for 23 year terms through Liberty! That just shrunk your monthly payment significantly. Each and every home that is constructed by Far Out Tiny Homes does qualify for this benefit (and many others), because all of their homes are NOAH Certified. Food for thought.

[@FarOutTinyHomes]

Great advice Nanci!

[@chich3chich176]

Thanks for creating this video about tiny home financing. I’m going to do some research on these lenders.

[@FarOutTinyHomes]

Glad it was helpful! Finding financing for these homes can be rather difficult. We are here to help everyone find an easier and more efficient way.

[@alisontilley2625]

Appreciate your honesty and enthusiasm. Excellent video

[@FarOutTinyHomes]

Thank you so much for watching! I hope you found value:)

[@kathielittlefield1795]

I own 20 acres off grid, owe nothing and I’m ready to get experience in building tiny home, tiny community and what I understand is I don’t need permits to build as long as I keep them under a certain square footage. I definitely need help financially, the Home Depot DIY program??? I just need someone to help me out and direct me in the right direction..

[@FarOutTinyHomes]

Hi Kathie! I suggest reaching out to NOAH. They can help you in the right direction. Noahcertified.org

[@j.s.2281]

You can also track your credit for free with credit karma. That is a much better option and it really does update often. So yeah that is the only thing I would suggest people do differently.

[@kathielittlefield1795]

Your decently doing something right, thank you.✌️👍🏼

[@FarOutTinyHomes]

I appreciate that

[@prettynatural1973]

Thanks for being transparent

[@FarOutTinyHomes]

Thank you for watching!

[@michelleellis8201]

I really enjoy your videos! You give such helpful information and I am learning a lot. I hope to retire in a tiny home. Looking for land now in various parts of the country now that will allow a tiny.

[@FarOutTinyHomes]

Thank you for watching, Michelle :)

[@alexandershannon557]

Your video gives me hope

[@ctgcorporateinc.4200]

I’m so appreciative of this video 🙏🏽👌🏽🙏🏽

[@gingernotturno5365]

I know with mobile homes you can get one loan for both the home and land. Can that be done for a tiny home?

[@sigmacentauri6191]

Thanks for your encouragement.

[@FarOutTinyHomes]

You are so welcome

[@thefoundationMBS]

Hi Julian, Thanks for making this insightful video. You mentioned that we need a legal place to park tiny homes. Does that apply for all tiny homes? Or for tiny homes acquired through Operation Tiny home? What is considered ‘legal’? Thank you in advance. 😁

[@FarOutTinyHomes]

Hi Richard! Such a good question:) Here’s the low down: in order to acquire the grant assistance with OTH you must have a legal place to park. A few legal places would be in RV parks, Tiny home communities, or if your city allows you can permit one in a backyard. But for real, even if you do not move forward with using OTH grant assistance you should definitely be seeking a proper place to park. I’ve seen and heard too many horror stories of folks buying their TH and their city kicking them out of it because it wasn’t permissible.

[@Catfishking40]

Can I use my VA home loan to get a tiny house?

[@FarOutTinyHomes]

I’m sorry to say but I do not think so :(

[@bugzpudding]

u have similar features to Winona Ryder

[@staceyboyd4508]

Do you know if I got approved for 300,000 through va loan can I use it for tiny house?

[@FarOutTinyHomes]

Potentially only for a permanent foundation tiny home. You would need to call them and ask.

[@briandeluca6908]

Its not smart to pay for Experian. Maybe once yeah

[@sokchowvadypoy927]

Thank you for sharing your video. I’m currently looking for permanently tiny home. I live in Chicago right now. I wonder what state I should be looking for tiny home?❤️🏠

[@FarOutTinyHomes]

We have lots of videos detailing where to park:) thank you so much for watching ❤️

[@williamgott4080]

"snarky debt to income ratio" ?? you mean the thing to keep the economy from crashing?

[@GigMyRig]

Just start your program out with: "This is for educational (or entertainment) purposes only." Have a blessed day!

[@FarOutTinyHomes]

Thanks for the tip!

[@helivon9203]

Do you know any information about foundation tiny house loans? It’s where you have a tiny house built and a slab foundation laid then you attach the tiny house to the slab and it can be considered a permanent structure. Then for financing purposing you can get a home loan. But I can’t find any info on that anywhere.

[@FarOutTinyHomes]

You would probably need to go for a construction loan. The tiny home would then be built onsite and move through the inspection process.

[@threestarhonesolutions]

I am glad I stumbled across a chanel from the Kansas City area. Where are you based?

[@FarOutTinyHomes]

We are based out of Las Vegas:)

[@stephanieconner8840]

Do you build tiny homes on wheels? And is there still financing available for those?

[@FarOutTinyHomes]

We do! Our new line launches this fall! Www.farouttinyhomes.com

[@XXXBUTLER]

Nice 👍🏼

[@Amosmagee1]

Honestly and truthfully tiny homes where affordable it’s just people in the economy has gone up in price is that’s the truth peace be with you all

[@FarOutTinyHomes]

I agree, inflation has been extremely brutal to deal with.

[@freethinker3083]

What do you think a good debt to income ratio is?

[@JackieEHahn]

I second this Question! What is a good debt to income ratio?

[@subreniajohnson4509]

Can a VA loan be used to buy a tiny home

[@FarOutTinyHomes]

Unfortunately, no

[@juliettacarreno1966]

This was my question 🙋🏻‍♀️🥺

[@DevilTravels]

I suspect age is a factor in obtaining a mortgage. The older a person is, the less likely you can get a loan. Also, wondering if a person can get financial help with a Shed To House conversion. A different type of tiny home.

[@FarOutTinyHomes]

That is an interesting perspective. Many of our clients are retired or preparing to retire. We haven't experiences a loan denial due to age. The only loan type you could get for the above project would be a personal loan :(

[@brendalee5291]

Is there a grant to be able to get more than one tiny home?

[@FarOutTinyHomes]

Not that we know of. Look into becoming a nonprofit and see what grants are available in your city or state.

[@kathielittlefield1795]

I have a low income

[@eloisaferruzola3680]

You probably can rent spaces for people to come and bring their tiny house. Once you star building some good income you can build your own tiny house.

[@pigtaku4276]

666 sub....😵😵😵