Part of the appeal of tiny house living is being able to avoid spending your whole life paying off a huge mortgage. But, while buying a tiny house cost less than building or buying a regular house, it still doesn’t come cheap.
The most common financing methods for financing a Tiny In A Box Projects are conventional home mortgages, chattel mortgages, personal loans, and business loans.
With a conventional mortgage, the home is financed and purchased as real property, which means that the home and the land are bought and/or financed together. There will be a deed with a conventional loan. These loans are offered at competitive rates, and it pays to shop around for the best deal. Land/home packages can often qualify for this kind of financing.
Chattel mortgages are personal property loans. They are used when only the home is financed. Unlike a conventional mortgage, there will be a title instead of a deed. If you are buying a home that will be on leased property, a chattel mortgage may be the only financing available. This type of financing is common in planned communities, where the buyer doesn't own the land.
Tiny in a Box does not offer in house financing. However, listed below are finance resources and options available for tiny homes.