Personally secured loans:
Some lenders, such as Lightstream Financial, offer personally secured loans for up to $100,000. Personally secured loans are not backed by collateral and are largely dependent on your credit and income.
Tiny Home Loan:
Some banks, such as Liberty Bank of Utah, have started financing homes built by certified carpenters. These loans are similar to a traditional home mortgage and have 5, 10, 15, and 23-year terms, which can make the monthly cost of a tiny home less than the average car payment. This type of loan requires a 20% down payment and a credit score of 680 or above.
Down Payment Assistance Grants:
Accessing the funds necessary for a down payment can feel impossible in our current economic landscape. Thankfully, there are organizations dedicated to helping folks, just like you, access independent and healthy living.
Once you have secured financing through one of the above options, you may be eligible for down payment assistance! Operation Tiny Home offers down payment matching grants for up to $12,000 for individuals who can show that they are dealing with financial hardship, need housing, and need financial support to meet the required down payment to purchase a tiny home. Find out more about eligibility for the program here.