Tiny Homes have gained so much popularity in the last decade in large part because they are thought of as an affordable housing solution. But as labor costs, material costs, and rental rates have increased, so has the cost of buying a tiny house. Most people simply aren’t able to pay cash for a tiny house. A major obstacle to tiny home ownership is the lack of financing options available to would-be tiny house owners. There are almost no banks who have tiny home lending programs. And the few who do often have onerous approval processes that take far too long, high interest rates and a lack of customer support.
In light of this, Carriage Houses NW is so thrilled to be able to offer financing solutions for our customers through Sno Falls Credit Union. Sno Falls is a Pacific Northwest based lender who has proven to be as laser-focused on doing the right thing for their customers as we are. They provide approval decisions in a few days, offer competitive interest rates and have excellent customer care. Most importantly their lending program makes tiny house ownership a reality for many people who otherwise couldn’t afford one.
To provide an example, let’s look at one of our most popular models, the Yucatan, pictured below. It’s an amazing value – offering a well-appointed kitchen and bathroom, good sized living room and stairs that contain useful storage compartments which lead to an easily accessible and comfortable sleeping loft – all for under $100,000. The construction is as solid as it is beautiful and well worth the price. But we recognize the price is still out of reach for many buyers and here’s where financing through Sno Falls can make all the difference. Their financing program is available with as little as 10% down and they have terms up to 15 years, on approved credit. This means with about $10,000 down, the payment would be around $1000 a month. With a 20% down payment and excellent credit, the rate drops to 9.5% and the monthly payment goes down to about $850.
The ability to finance the purchase can make the dream of tiny home ownership a reality! If you would like to learn more about financing one of our tiny homes, please reach out. We would love to help you find a solution that fits your lifestyle and your budget!