Just came across my desk this afternoon! Seattle Houseboat lending is wide open again!
From Denise Carlson at Seattle Metropolitan:
We have great news to share…… We are back online with our houseboat lending program. Below is the update we have made to our program guidelines.
Aug. 2011 update: City of Seattle’s Shoreline Management plan is being revised and will most likely impact the houseboat community in some way. Information is currently being gathered by the City. The final plan will be drafted and submitted to the City Council for approval. Once approved, it will then be sent to the Department of Ecology for their approval. The estimated timeline looks to extend to year end 2011. Details of the plan are uncertain at this time and pertain to various aspects of above water living, including the treatment of gray water and the % of ‘live aboards’ allowed around the lake. There is uncertainty as to the impact on houseboat values any future changes in the SMP may create. Given this uncertainty, SMCU has modified the requirements to the existing houseboat loan program to allow lending in this program as well as compensate for any potential negative impact as follows:
- Minimum FICO score of 680 – no change
- 45% maximum DTI – new
- Minimum of 2 months documented reserves required on all transactions.
- No other program details have been changed
You can reach Denise at 206-398-5581 if you have questions about houseboat lending. Denise also does Seattle floating homes lending. As always if you are interested in Seattle houseboats, please let us know – we would love to show you some of our favorites – both on the market and off.