Floating Home Financing
Floating home financing is available. Refinance options are also available. Here is a list of lenders who are participating in the 2010 market. I expect others to get involved by Spring or Summer of 2011.
Banner Bank: Fixed rate 6.25%, 15 year balloon with a 25 year amortization. This loan can be reduced to 6% with an automatic payment from a checking account at Banner. Call: Lenny Severs 971-255-5640 or Laurel Buncak 503-534-1000.
Other lenders are:
Rivermark Credit Union: They can do refinancing at 7.875 % with a 70/30 loan to value. No cash out…they will allow only refinancing of present lien on the home.
NW Resource Federal Credit Union: refinance funds only. 5.875 fixed or 5.375 ARM. They hope to offer purchase funds in 2011. Call Cody Hager: 503-220-2592
If you are looking to purchase a floating home, ask if the seller will consider financing your purchase for a term of one to five years. This may be a good alternative option. All floating home loans require a down payment of at least 20% unless you can make other arrangements with the lender (like you might have your entire 401K invested with them). Your financing will depend on your stellar credit rating of 7.2 or better. You will have to have a float inspection done on the property when you obtain a loan. A float inspection costs about $400 to $500 and is well worth it. The float will have a rating of between one and five, with five being super excellent. I will talk about floats in a separate posting.
Don’t hesitate to call me if you have any questions on financing or on floating home lifestyles! I would love to talk with you and help you enjoy this cool life on the water. Cover image courtesy of www.Shelterness.com.
is their ANYWAY I can find a loan to buy my floating home? I have searched for three years and no option beside Financial Benefits Credit Union can help. Neither can FB because of the value to loan ratio. Plus the former owner has a bad case of seller’s remorse and has tied my hands to improve property. Please help. Even hard personal loans say no because we have a FLOATING home. Long story, but a grave injustice will render us destitute if we can’t find $150k to pay off the remainder of our $265k purchase price, which we are very capable of repaying. my husband’s credit score is 675, mine is 770, and our income is $162K WITHOUT our rental’s income. Is there truly no other option available somewhere/somehow as countless people keep saying?
Thank you ~ Ms. Cameron Duncan
You can try contacting Timberland Credit Union, Cody Hagar and see if he can help you. Let me know! Cody’s number is 503-220-2592. I’m not sure what you mean by the seller tying your hands to improve the property in such a way that it can’t be financed, but if this is the case you might want to consult a property attorney. I hope this helps!