Texas Tiny Homes offers large solution to financing
THE WOODLANDS, Texas -- The tiny home trend has been gripping the nation, but loan restrictions have occasionally prohibited folks from living the big life in a small house.
'The need is to get a loan. There's a need for financing.' Bruce May
'There's not a lot of activity happening in Texas, which I'm pretty sure is because loans haven't been available,' said Bruce May, marketing consultant for Texas Tiny Home Solutions. 'Regular banks aren't really mortgage companies anymore. There are guidelines and restrictions, and if you don't fit perfectly into that, they can't give you a mortgage. The need is to get a loan. There's a need for financing.
'Tiny Houses is a new product, particularly in a resort situation, where you're leasing the land. It's revolutionary, so it's hard to find banks to even provide mortgages for this. Which is weird because they will provide mortgages for manufactured homes. What we're doing is building a custom home and that's what is slipping through the cracks.'
Texas Tiny Home Solutions has come up with a solution, offering financing at the WatersEdge community in Willis. Partnering with Federal Saving Bank, 10-15 year loans are now available.
'This will open a door to Millennials, people living in apartments, people retiring, people of any age,' May said. 'This is for people who could get a loan for a manufactured home, but don't want to live in a mobile home. They come out and see our tiny homes and they go 'oh this fits my lifestyle.''
Texas Tiny Home Solutions' houses at WatersEdge range from 400 to 1,000-square feet in size, and $60,000 to $120,000 in price.
'It's more than just a fad,' May said. 'It's a trend. We have a lot of houses on lots that are currently available. With the new financing options, it looks like it's going to be a good year.'