16 year old builds tiny home to guarantee mortgage-free future

Austin Hay is still in high school, but he’s constructing his own home. It’s only 130 square feet, however it makes him a house owner without a home mortgage at just 16 years old. Today, it’s parked in his parents’ yard, however he’s developed it on wheels so he prepares to take it to college and after that anywhere he goes after he finishes..

He’s been sleeping in his tiny house for a couple of months now and he’s currently chosen not to return to big (his parents’ home is 1800 square feet). “Living small means less expenses, living huge methods more costs,” he described from the small stoop of his brand-new house. “I do not wish to pay big costs”..

Hay’s 130-square-foot home might make him the youngest member of the growing Small House Motion.

Hay expects to spend about $12,000 developing his home (the used trailer expense him $2000) and he’s paying for it working 2 summertime jobs (at a camp and at a park sandwich shop). He’s cut his expenses in half (the house’s estimated DIY cost is $23,000) because Hay has scavenged everything from doors, windows and floor covering to the kitchen sink (the hardwood floors were $25 at a salvage backyard therefore was the stainless steel sink).

A follow-up video with Austin Hay with his completed house: http://faircompanies.com/videos/view/teen-tiny-house-builder-austin-hay-finishes-dorm-on-wheels/.

For more information & links, initial story here: http://faircompanies.com/videos/view/16-yr-old-builds-tiny-home-to-guarantee-mortgage-free-future/.

Factors Of Mortgage Approval

Mortgage photoWhen applying for a mortgage, the lender you have chosen
will take many factors into account. These factors not only
influence what type of loans you can qualify for but also
what your monthly payments will be and how many years you
will take to pay the loan off completely.

Being familiar with these factors and doing what you can to improve
them all can make a significant difference when you go and
see your lender and begin the process that will get you
your new property.

Some of the basic factors apply for just about any loan but
are especially important if you are trying to get a
mortgage. The big one is, Yes, credit.

How good is your credit? Get copies of all of your credit
reports from the 3 major consumer reporting companies and
check each one for errors.

Many times they have errors that can be corrected in just a
few weeks and that helps boost your score. If you have
credit cards, pay them off as well as any other outstanding
bills.

A nice big down payment will always improve your chances
of being approved. If your credit isn’t completely bad, the bigger the down payment, the more likely you
will get improved.

If your credit is great, you can still put down as much as
possible to lower the monthly payments or decrease the
total loan time.

Above all else, don’t lie to your lender. If you tell them
you are a supervisor of a power plant and they find out you
are a UPS man who has only had the job for 6 months, you
will be totally denied. Be honest and your lender will do
their best to work with you.