Going tiny? Not so easy
My husband and I never thought it would be so difficult to make our dream of a tiny house come true. Why won’t the local banks loan us the money necessary for building a new life, a smaller and more affordable life for ourselves? They say they have no product for us, that they don’t want to take a chance on something new. I ask, when will you? This is not just a fad; the trend is sweeping the country — even in Pennsylvania. The banks say there are no comparables for a mortgage or a home equity loan or a home improvement loan. Even the “community” banks and our credit union are saying no. Yet, there are comparables, just not in Centre County.
Someone has to take the first step. Why can’t the square footage plus land value be used for comparison? For Pete’s sake, it only takes about $50,000. Oh, that’s it ... just not enough revenue to bother with the paperwork or too risky? Since payments are automatically withdrawn from my checking account, there’s very little risk of the loan not being repaid. Through perseverance and determination, the house is up and has been approved by the township. We invite lenders to come see what we’ve accomplished and how much this lifestyle could make home ownership more affordable for many, many people in our area.
Ginny Smith, Centre Hall
This story was originally published January 24, 2018 at 6:55 PM with the headline "Going tiny? Not so easy."