It seems kind of silly to have to ask the question, "is that a bedroom?" when you see what obviously looks like one. Our friend, you might just be surprised that what you see might NOT be a bedroom
Tiny House Payments
The tiny house alternative living spaces are all over the news these days. Many with less than 500 square feet of living space, the phenomenon is growing leaps and bounds and becoming the new first starter house. Some have wheels, allowing owners to take their home with them when they travel, while others are more permanent. Prices can start as low as $8k-$10k if you build one yourself, or prices can climb to as much as $100k if you hire a builder for a more extravagant dwelling. If you've ever thought of building a tiny house, there are some things to consider when it comes to building monies. If you have cash to pay for the materials and build-out of your tiny home, you may be all set. However, if you need financing, we have a couple of things to consider in today's post.
There are no particular tiny house building loans in the traditional mortgage market. Most lenders have a minimum loan amount restriction, which most tiny houses are well below. As well, there are guidelines in lending that may not make a mortgage available if the home is not on a permanent foundation. All is definitely not lost for finance of a tiny home; you can possibly finance directly through a builder or take out a personal loan or RV loan.
The financial institution, Suntrust, has a lending division called LightStream that may possibly finance a tiny home as an RV loan. The house must be certified by the Recreational Vehicle Industry Association to meet manufacturing and safety requirements proving it's “roadworthy”to qualify under the program. If your tiny home qualifies for an RV loan through LightStream ranging from $25,000 to $49,999, you’d get an interest rate of 4.89% to 8.39% for a term of 73 to 84 months, depending on your credit. This, vs. a personal loan, who's interest could be as high as 18%.
If you have tiny house fever, let us help you find a prime piece of land to place it on! We're in the office at (423) 433-6517, or just come by our office inside Keller Williams Realty at 1033 Hamilton Place in Johnson City.
Holding a BS in Environmental Science, and MA in Education, real estate was not Shields Team Buyer Specialist Rayne Price's first career choice. It was only after encouragement from his wife and a cl....
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