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Tiny homes dont cost much, but they can require a tiny mortgage.

Unless you have $30,000 in cash to buy the average tiny home of 200 square feet, it can be difficult, if not impossible, to get a mortgage on a tiny home. A mortgage requires that a home be placed on a permanent foundation, not a trailer with wheels, as many small homes are.

Most mortgage lenders have minimum loan amounts that are much higher than a tiny home budget. The typical size of a small home seldom exceeds 500 square feet. The average cost is $30,000, though it can range from $10,000 for a build-it-yourself tiny home to $100,000 or more for one from a professional builder. Such small loans may not be worth the risk to lenders.

The good news is that there are other ways to finance a tiny home:

RV Loan
If a tiny home meets the manufacturing and safety requirements to be certified roadworthy by the Recreational Vehicle Industry Association, it may qualify for an RV loan from a bank. The main requirement is that the home be on wheels.

Personal Loan
If a tiny home isnt certified as an RV, or its not on wheels and is on a foundation, then an unsecured personal loan may work best.

This way, the borrower, not the home, is being underwritten through the loan. The tiny home isnt used as collateral, as with a mortgage. A customers credit history and ability to repay will be the basis for loan approval, and they wont have to justify how the money will be used.

However, personal loan rates can be twice as high as 30-year mortgages, though at much shorter terms of up to seven years. That can be good for a tiny-homebuyer, giving them a small loan that they can pay off within several years to then save money for other things down the road.

Traditional Mortgage
If your tiny home is going to be on a permanent foundation, that may be enough to get you in the door at a bank offering a traditional mortgage, despite the small loan amount. Even for a small loan, a bank may consider you if you have good credit and your tiny home meets the local zoning codes and licensing rules. Like an RV loan, the mortgage will be secured by the home, which is key to being able to deduct interest.

With tiny homes becoming more popular, look for more lenders to enter the market. When a need for loans is created in the marketplace, banks often find ways adapt.

Published with permission from RISMedia.

Here are a few quick ways to set an autumnal tone in your home.

Accent with Fall Colors

Shades of orange, brown and dark red are popular and provide a sense of warmth.

Autumn-Inspired Centerpieces

Get creative with items that are synonymous with this time of year, like gourds, pumpkins and pine cones.

Decorate with Cozy Blankets

Drape a cashmere or wool throw over the couch in your living room for functional style.

Autumn Aromas

Fill your home with pumpkin spice and apple cinnamon aromas.

Seasonal Curb Appeal

Greet guests with a seasonally-inspired front door that sets the stage.

Published with permission from RISMedia.

Obtaining a mortgage is a little different when you’re self-employed.

Reporting your income as a self-employed worker on Schedule C for income tax purposes can make qualifying for a mortgage loan or refinancing a little more complex. The reason being that proving consistent and reliable income as a freelancer can be more involved because you dont typically receive a regular paycheck. Because of this, the lender wants proof that you can repay the loan.

Each lender is different. Some require self-employed borrowers to go through extra hoops to prove employment, while others may or may not wait until the loan gets to its compliance or operations department. Early in the applications stage, for example, you may need to provide contact information for your employer so the lender can confirm youre working regularly.

Many lenders will ask for three years of accounts to prove income. Some may drop it to two years, and a small number of mortgage lenders will accept one year.

However, 2018 guidelines make it easier for self-employed homebuyers, requiring only one year of income tax documents to prove income, as long as the application qualifies for automated underwriting. This automated system doesnt require filling out various forms, though youll need to document your income, savings, retirement and investment balances.

An accountant or tax preparer may be able to help by providing a letter stating how long youve been in business. A Profit and Loss Statement, or P&L, can be prepared by your accountant to show your business income and expenses for a specific time, such as showing you paid off a business loan.

When applying for or closing on a loan, be sure to give yourself plenty of time. A rate lock can give you enough time to verify your income. Have your bank statements and tax forms ready, along with any other information your accountant or tax preparer says you might need. Respond to inquiries from your lender promptly and focus on the final goal of getting a new mortgage.

Published with permission from RISMedia.

Published with permission from RISMedia.

Air quality has a direct impact on our health, both in and outside of our homes. While much is being done to improve the air outdoors, maintaining a healthy level of air quality inside is evenly important.

A range of triggers can lower indoor air quality, including carpets, chemical cleaners, heat sources and humidity. Build-up of these pollutants may result in Sick House Syndrome, which poses health risks to residents if not addressed. Airborne lead particles and radon are especially harmful.

Opening windows can significantlyimprove the quality of the air in the home, but in many households, doing so is just one of several necessary steps. A checklist:

Clean your home frequently, preferably with natural or non-toxic cleaners, a HEPA-filter vacuum and a mop. Regular cleaning eliminates dust, which could be contaminated withlead if the home was built prior to 1978.
Aim for less than 50 percent humidity inside the home; a higher percentage can lead to mold. A hygrometer can help determine the humidity level. Use an exhaust fan while bathing, cooking or using the dishwasher. Invest in a dehumidifier, if necessary.
Take care not to disturb lead-painted surfaces, especially if remodeling the home. If the paint is peeling, consult a lead removal specialist as soon as possible.
Test for radon. Most hardware stores carry do-it-yourself testing kits, and some utility companies offer the service free of charge. A qualified professional can conduct a longer-term test to determine radon levels at varying times throughout the year. He or she may recommend installing a radon mitigation system.
Dispose of paint, gasoline or any other chemicals at a certified hazardous waste disposal center. Visit search.earth911.com to locate a local facility. For future paint projects, purchase products labeled low VOC.
Replace the furnace filter every three months to reduce the amount of airborne dust circulating through the home.
Remove wall-to-wall carpeting, if possible”it traps particles that can exacerbate allergy and asthma symptoms, and may even contain formaldehyde, depending on the manufacturer. (Pressed wood materials, such as cabinets and furniture, may also release formaldehyde.)
Place plants where possible. House plants filter out airborne toxins, including ammonia and benzene, that can be detrimental to health. To reap the most benefits, use these NASA-approved species.
Remove shoes when entering the home, and place a floor mat at each entrance to deter any pollutants tracked in by guests. Dirt and pesticides brought in from outside can become airborne inside the home.
Insist the home remain smoke-free, if possible. Secondhand cigarette smoke, which lingers long after the smoker leaves, can have devastating effects on members of the household, including children and pets.

Published with permission from RISMedia.