Each financing program has its own set of guidelines and policies. Building a Tiny House on a Permanent Foundation (stick built) may differ from buying a Custom-Made Tiny House with Wheels (factory built). This is mosly true when purusing a Construction Loan, Modular House Loan and Home Equity Loan.
A Home Equity Line of Credit, Personal Line of Credit, Cash Value Life Insurance Withdraw and a 401K Withdraw may be more flexible in how you choose to use the funds.
Before you run off excited to call your banker or insurance agent, we ask that you call us FIRST. Banks and Insurance Companies are starting to learn about this new Tiny House Law (RCW 35.21).
Please don't want to scare of your potential lender!
When considering a Tiny House Financing Plan, make sure you at least have "Fair Credit" to be "creditworthy" to the financing institution willing to risk loaning you money to cover your tiny house purchase.
If you need help improving your credit, contact a certified credit counselor. Most Credit Unions and non-profit organizations offer these services free of charge.
Note: not everyone will be approved for a Tiny House Loan/Line of Credit.
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