Updated: Aug 7, 2019
If you are looking to finance your modular tiny homes, many home lenders will be open to helping you move forward with your tiny home purchase. As this modular tiny homes stereotype has been popularized by movies and TV shows, there is a lot of concern surrounding the lender. Before getting your modular tiny homes financed, here are some of the questions you should get out of the way.
· Where is it located?
Your lender should know if your new home is located on land that you own or if you will be living in a "micro-living" community.
· Is your modular tiny home safe?
As many modular tiny homes are built to all applicable local and state building requirements, they will be just as safe as other homes that have been built according to applicable building codes.
Lenders might have concerns regarding the safety of the homes which is why your home should be built on a secure and permanent foundation.
· How are you intending to use your modular tiny homes?
A lender will want to know up to what extent you will be involved with that house. If your tiny home is your new luxurious destination for vacation, lenders will require you to have reserves and they might increase the down payment amount slightly.