Thinking of buying a Tiny Idahome? Designing your tiny home is the easy part. We will work with you to decide what design options will best suit your needs. Before the design process begins you may need to consider loan options. It is important to be prepared if you are applying for an RV or personal loan to make your dream a reality.
- Prepare for a 20% down payment
- Check your credit score, aim for a score between 700-650
Knowing the requirements before applying for the RV loan will make it a good experience. Consider your current bank, credit union, or check out personal loan options. Keep in mind that RV loans are for recreation vehicles and most institutions do not consider them full-time housing. If this is the case, you may want to consider a personal loan for your purchase.
Your credit score will determine whether you qualify for a 15% down payment or if you will need the standard 20% down. You may still qualify with a 650-credit score, but lenders may require 30% down.
Look at your debt-to-income ratio to ensure you can make the required monthly payments. Your debt-to-income ratio should be under 35 to get approval. Paying down existing credit card debt before you apply will increase your odds of approval.
Another thing to consider is where you will park your tiny home. Do some research on local zoning restrictions in your area. Tiny Idahomes are RV certified and can be parked in RV parks legally. All other locations will depend on your local zoning codes. Check out park fees to get a total picture of your tiny home costs.
After securing your loan, contact us to start the design process of your new Tiny Idahome. Check out our website for more information regarding models, ideas, or tips for your future Tiny Idahome.