Todd Nelson, business development officer at Lightstream division of Suntrust Bank, says it can be easier to get financing if the home is on a mobile platform and certified by the Recreational Vehicle Industry Association (RVIA). Then the home will qualify for a standard recreational vehicle loan with current rates between 5% and 6% for seven years — sometimes more — after a 10% down payment.
If your tiny house isn’t on wheels, but also isn’t on a permanent foundation — it remains moveable — Nelson says his company offers unsecured loans for as long as seven years for such purchases up to a maximum of $100,000. You must have good credit and enough income that it appears likely that you can afford to pay for it. Unlike some banks, LightStream will consider all forms of income, including investment and rental income. LightStream also will finance the purchase of a lot for your tiny home.