Banks getting on board with micro homes

Local News

News 2 continues to follow the growth of Nashville.

Micro homes are yet another option to buying a home in Metro Nashville and now it may be a little easier for folks to make the purchase.

After several years of living in a large single-family home in Woodbine, Amanda McMahan was looking at what might be her future micro home.

“I have always loved the concept of living minimalistically,” said McMahan. “They’re just so economically friendly. They’re so much savings wrapped into it.”

The smaller, so-called cheaper, relatively newer option for those wanting to buy a home, now a little easier thanks to banks starting to come on board.

“If you had deep pockets, it’s much easier to do micro than if you had a normal job that could afford a decent rent,” said Latimer.

The micro homes are built as energy efficient with modern space-saving techniques.

Hoping this idea takes off in Nashville is local housing non-profit Affordable Housing Resources.

CEO Eddie Latimer said the organization recently partnered with 21st Century Mortgage.

“If you wanted to buy the home, we can get you the financing to buy it and get it on a foundation, and then we can take you to banks where you can get a permanent mortgage,” said Latimer.

The price tag starts at around $130,000.

It’s not exactly cheap, but with average home prices in Metro Nashville averaging $256,000, Latimer said it could open up home ownership to that many more Nashvillians.

“Seeing things like this come up in Nashville is so important, because it shows we’re wiling to be innovative along with society,” said McMahan.

To differentiate, micro homes can be placed permanently into the ground.

Tiny homes cannot – they stay on their trailer and work better in rural areas.

The tiny homes are on display by Cleveland Park in East Nashville.

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