Floating Home Financing Update
I recently posted information about how to finance a floating home in Marin. There are some (mostly positive) changes to the options out there.
1. Financial Benefits Credit Union is currently making Floating home loans again. Since these loans are held in house, they don't always have financing available. Loans max out at $500,000 and are only at 75% Loan to Value. Interest only. Amoritized over 30 years but variable. Contact Heather Ziemer at (510) 433-9200. They are open 10 a.m. to 4 p.m. Monday through Friday.) No points.
2. Best News- Bank of Marin has an excellent program now. They are lending on all Floating homes. If you have a credit score above 740, you can qualify for 25% down; otherwise, you will have to come up with more money down.This is a ten year loan amoritized over thirty years. Contact Linda directly at 415-927-2265.The rate is currently 4 1/8. There is a one point loan origination fee with this bank.