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    Appraisal

    Anyone have information regarding appraisals. I'm curious how somene could get a loan through a bank?
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    #2
    ... and now you have entered the "Twilight Zone" of tiny house financing. It is an area that we are working on with great diligence because many potential customers do not have access to the money for a complete house all at once. There is no need to tell you that this is a very tricky situation. You already know that. Since the tiny house world is so new, the infrastructure for loans and mortgages is just not built yet. It would include appraisers and repossession folks and lawyers and ... well, you know. So what do you do now? Here's an idea that could work very well ... if you are not a member of a local credit union, go take a look at that. Here in Arizona, credit unions are a big deal and supply a huge amount of working capital for all sorts of projects. They are like banks that you can join and are a lot friendlier. Meet with them and tell them what you want to do. Two things will be very important to them ... capital risk and payment risk. The capital risk is the part with the appraisal, so you want to show them that the loan is so far less than the value of the house they can't get hurt if you default (which you have never done before). Consider getting a personal loan from a family member to make the lender's capital risk as little as you can. Don't use credit cards! That can really do some damage if things go bad. Then show them that the payments are not going to cause you great monthly monetary pain. Normally, mortgages are something like 33-40% of your take-home pay (sometimes 50%). If you can show them that you are only paying 25% ... well, that will help a real lot and make living there so much easier. Isn't the low cost of living in a tiny home a big part of this. Here's were you make the sale. The ThinHaus team is working with investors to create a multi-million dollar pool of money to finance our customers because this is a big problem that needs a big solution. This solution will help buyers of ThinHaus homes, but it won't help DIY folks other than to show bankers and financiers around the world that tiny houses are coming and they can feel safe making the loan.

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