Seattle Floating Homes Financing Update 2010: You might think with all the other changing real estate financing guidelines that financing for floating homes would be hard to find, but not so. There are some great local bankers who specialize in just this type of home and the process is still pretty straightforward for a houseboat that is in the category of floating home.
With the changing lending environment, what is the range in programs available today for floating homes? According to Gary Olson at Banner Bank who is quite a hard working guy and specializes in Seattle floating homes as well as doing a great job with your other real estate needs, the normal down payment for a floating home in Seattle would be a
minimum of 20%-30% or more depending on the size of the loan. After the potential purchaser has been given a conditional loan approval, the bank then orders the additional items required by the bank to finance the floating home. In this case, they order a dive inspection as well as a current appraisal of the home. The bank must then review all items and both the bank and the underwriter for Banner Bank must approve all items.
In addition to these expenses, there are of course title insurance fees, recording fees, etc. just as with traditional Seattle real estate.The floating home must be on a co-op or condo dock for the program and the loans from Gary at Banner are amortized over 25 years with a 15 year term (the rate the client starts out with is what they keep for 15 years). Gary is a great resource for your Seattle floating homes financing!