Floating Home Financing

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...

How To Finance A Sausalito Houseboat

At Marin Modern we often receive inquiries from potential Houseboat homeowners. One of the most important elements of owning

a floating home is the financing. It is not the same as a regular home because a floating home is not "real property". (Though, you

are required to pay property taxes- at a reduced rate compared to similarly priced single family homes).

I called Heather Ziemer, Vice President of Financial Benefits Credit Union about Floating home financing.

(Their number is: (510) 433-9200. They are open 10 a.m. to 4 p.m. Monday through Friday.)

 Here is what she had to say: expect to pay a higher interest rate and you will need 20% down payment. Variable rates are

around  5.25% for a thirty year term. It adjusts twice a year. Maximum adjustment is .75 each time with a cap

of 5.00% over the starting rate for the first seven years. The notes are not sold to...