Financing Overview
Financing Your Park Model Tiny Home
Most of our customers finance their home through 21st Mortgage Corporation, one of the nation's largest park model lenders and a Berkshire Hathaway company. We don't lend directly, but our in-house financing specialist guides you through the whole thing, from preparing your numbers to approval and funding.
Financing at a Glance
The typical ranges our customers see. Rates and payments vary by buyer and are not an offer of credit; your exact terms depend on your credit, down payment, and loan size, and are set by 21st Mortgage at approval.
Why are rates higher than a traditional mortgage? Park models are titled as RVs, not real property. The loan isn't backed by land and the home is movable, so lenders carry more risk and price it like an RV loan. In exchange: no PMI, typically no prepayment penalty, and a much smaller loan than a site-built house. Final approval, rates, and terms are determined directly by 21st Mortgage at approval.
Why Financing Works for So Many of Our Buyers
Own for less than you rent
Typical payments run $500 to $700 a month, often less than rent in many parts of Oregon and Washington. Every payment builds toward a home that's yours instead of a landlord's.
A down payment you can actually reach
At 10 to 20 percent down, most buyers need $7,000 to $15,000 to get started, a fraction of the $60,000 or more a site-built home often requires. Qualified buyers with strong credit may be eligible for even less down. Ask us.
Fast answers, guided the whole way
Decisions usually arrive in 1 to 2 business days, no appraisal is required for eligible approvals, and our in-house financing specialist handles the paperwork with you from application to keys.
All credit considered
21st Mortgage finances buyers across the credit spectrum, and they've been voted Lender of the Year by the Manufactured Housing Institute every year since 2011. Even a denial comes with a clear path back: specific adjustments that can get you to yes.
What Your Loan Covers
Park model financing is a home-only loan. The home and most of the work to get it move-in ready can be financed. The land itself cannot.
Can be in your loan
- The home + your upgrades
- Delivery and transport
- Leveling and setting
- Stairs, skirting, and gutters
- Mini split heating + cooling
- Water, sewer, and gas hookups
- Your first year of insurance
Not in the loan
- Land or lot purchase
- Site preparation and excavation
21st Mortgage sets standard allowances for each add-on. We confirm official pricing with you on your estimate, so financing these can cut your out-of-pocket costs at delivery.
What the Numbers Actually Look Like
Sample Loan
Example only, on approved credit (OAC), to show how financing may work. Your actual APR and payment may vary. Not an offer of credit or a guarantee of approval, payment amount, or APR.
Tap here to build your estimate and see your own monthly payment options
Four Things to Know Before You Apply
Apply when you're ready, not early
Approvals are active for a limited window: roughly 60 days to complete your checklist after approval. Applications that sit idle can expire and need to be resubmitted. If your timeline is further out, talk to us first and we'll help you time it.
We're "North West Tiny Homes" in their system
Our brand is "NW Tiny Homes," but most people read those letters as "Northwest," so 21st files us under the spelled-out name. That's why their application, emails, and paperwork say "North West Tiny Homes." Same company, same team.
There's a loan origination fee
Like most lenders, 21st charges a loan origination fee. It's itemized on your estimate and loan paperwork, so you'll see the exact amount before signing anything. No PMI helps balance it out.
Insurance is required
Every financed home needs physical damage insurance. Bring your own provider or use 21st's coverage (typically around $400 a year, payable up front or rolled into the loan). Note: some traditional insurers won't cover park models, so check early.
Before You Apply
Have these ready and your application will fly. Tap items to check them off.
Missing any of these? Talk to our team first and we'll help you prepare.
Is 21st Mortgage My Only Option?
Before we walk you through the process, the honest answer to the question you may be asking: no. You're free to shop around, and we'll never pressure you toward one lender.
Why we point most buyers to 21st
Park model homes sit in an odd grey area. They're titled as RVs, not real property, so most local banks and credit unions either won't finance them or make the process painful. 21st Mortgage specializes in exactly these homes, they're the strongest lender in the space, and we know their systems inside and out. Plenty of buyers shop their own bank first and circle back to 21st anyway. If you're financing, starting with 21st usually saves you the detour, but the choice is always yours.
The Process, Step by Step
Our team guides you through every step. New to park models? Review our Buyer's Guide first to confirm one is allowed on your property from a zoning perspective.
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1
Get Your Estimate
Build a detailed estimate with us: base home price, upgrades, delivery, and leveling and setting. Don't apply before you have it. Applying with the wrong number causes delays and less accurate terms. Start your estimate here.
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2
Submit Your Application
Once your estimate is final, we send you our dealer portal link to apply with 21st Mortgage. The dealer link connects your application to us automatically with the correct home and pricing. Don't apply through a general lender link; it slows everything down.
Heads up: you'll see us listed as "North West Tiny Homes" on the application. That's us. -
3
Receive Your Decision
Your approval notice arrives by email within 1 to 2 business days. 21st may also call for a short phone interview to verify details, so watch for a Tennessee number. If you're denied, the notice lists adjustments that may get you approved, like more down or extra proof of income.
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4
Complete the Loan Checklist
Your approval includes a checklist of items needed to close the loan. Our financing specialist reaches out with an overview and walks you through everything, including wet signature and notary requirements. The full breakdown lives in our After You Apply guide.
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5
Loan Booked, Order Submitted
When all checklists are complete, 21st issues your contract package. It must be printed single-sided and signed in wet ink (exact printing rules here). Once it's signed and your down payment is received, we submit your order and your home enters the production queue.
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6
Delivery and First Payment
We coordinate delivery, leveling and setting, and your add-ons. Once your home is set on your property, 21st activates the loan and your monthly payments begin. Time to enjoy your new home.
How Long Does It Take?
From the day you apply to the day your order enters the build queue, plan on about a month. How fast you move is the biggest factor.
Want the two-week path? Come in ready.
This is what we recommend if you're serious about moving fast. We've fast-tracked buyers to about two weeks when they line everything up before applying: documents prepped and ready to submit the moment they're requested, your contacts (employer, insurance, bank) reachable, down payment liquid, and your build decisions locked in. The loan moves as fast as you do.
What stretches the timeline
A handful of things send paperwork back for a redo and add days or weeks: changing your order after you've applied, slow document submission, wrong or unverified information on the application, and contract paperwork printed incorrectly (it must be single-sided, actual size, and signed in wet ink). Stay on top of your checklist and these never become a problem.
Financing FAQs
What is the average monthly payment for a park model tiny home?
We typically see monthly payments in the range of $500 to $700. Every loan is different and depends on your loan amount, down payment, term, and interest rate. See the example above for how the numbers play out, or build your estimate to see your own.
What is the average interest rate for a park model tiny home loan?
Park model loan rates are expressed as an APR, which typically ranges from 8 to 10 percent, higher than a traditional mortgage. Here's why: park models are classified as recreational vehicles rather than real property. The loan isn't secured by land, and the home itself is on wheels and movable, so the lender takes on more risk than with a site-built house. That risk gets priced into the rate, the same way RV and boat loans work.
The trade-offs in your favor: no PMI, typically no prepayment penalty, and a far smaller total loan than a traditional home, so the overall interest paid is still a fraction of a conventional mortgage.
Your exact APR depends on your credit profile, down payment, and loan term, and is set directly by 21st Mortgage at approval.
What credit score do I need?
21st Mortgage works with a wide range of credit profiles, so a lower score does not automatically mean a denial. A stronger score typically means better rates, lower down payment requirements, and more flexible terms. Depending on your situation, they may ask for a co-signer or a higher down payment.
Our financing specialist can help you understand where you stand before you apply. Get in touch here.
When should I apply for financing?
Apply once your estimate is finalized and you're ready to move forward, not months in advance. You have roughly 60 days after approval to complete your checklist items, and applications that sit idle can expire and need to be resubmitted.
If your timeline is further out, talk with our team and we'll help you time your application so your approval is active exactly when you need it.
How long does financing take from start to finish?
Plan on about a month from the day you apply to the day your order enters the build queue. If you come in ready, with your documents prepped, your contacts reachable, your down payment liquid, and your build locked in, we've fast-tracked buyers to roughly two weeks. That's the path we recommend if you want to move quickly.
What stretches it out: changing your order after applying, slow document submission, wrong or unverified info on the application, and contract paperwork printed incorrectly (single-sided, actual size, and wet-ink signatures are required). Staying on top of your checklist is the single biggest thing in your control.
Do I have to use 21st Mortgage, or can I shop around?
No, you can shop around. See Is 21st Mortgage my only option? above for the full rundown on why most buyers still finance with them.
Will I need insurance for my loan?
Yes. All financed homes require physical damage insurance. Bring your own provider, or use 21st Mortgage's coverage, typically around $400 per year, paid up front or included in your loan.
Heads up: some traditional home insurers do not cover park model RVs. If you plan to use your own provider, confirm they'll insure a park model before you apply.
Can I use a co-signer on my application?
Yes, a co-signer can strengthen your application. One important rule: if your co-signer won't be living in the home, 21st typically requires a larger down payment, often around 20 percent. Mention your co-signer plans to our financing specialist before applying so there are no surprises.
Can I finance a home for a family member or as a rental?
Yes. 21st offers programs beyond primary residences: buy-for loans (purchasing for a parent or family member), vacation and secondary homes, and investment properties. Down payments differ by program, and investment loans typically require more down.
One thing to know: each home needs its own loan, and the loan type must match how the home will be used. Tell us your plans up front and we'll point you to the right program.
Is there a penalty for paying off my loan early?
21st Mortgage loan programs typically do not include a prepayment penalty, so you can pay your loan off early without an added fee. Always confirm final terms with your loan officer before signing.
Ready to See Your Numbers?
Build your estimate with real pricing and our monthly payment calculator, or come walk through the homes in person.
Already applied? Tap here for the After You Apply guide: every step from approval to funded loan, including your checklist and property form.
Financing Disclaimer: NW Tiny Homes does not provide loans and is not a lender. Financing options referenced on this page are offered through independent third-party lenders.
Loan approvals, interest rates, repayment terms, down payment requirements, and eligibility are determined solely by the financing provider. NW Tiny Homes does not control these decisions and cannot guarantee loan approval or specific financing terms.
Any payment examples or loan estimates provided on this page are illustrative only and are intended to help customers understand how park model financing may work. Rate and payment figures, including any APR ranges and rent comparisons, are estimates, are not an offer or guarantee of credit, and are subject to change. All financing is on approved credit (OAC). Actual loan terms and payments will vary depending on the borrower's credit profile, financial history, and lender underwriting criteria.
Timeline estimates are typical ranges only and are not guaranteed. Actual timing depends on how quickly documents are submitted, lender underwriting, third-party verifications, and other factors. Customers should review all financing agreements carefully and work directly with their lender to confirm final loan terms before entering into any financing agreement.