If the floating home is listed for sale at an asking price of under $150,000, it very likely could be the case that it does not have a float that would be in good enough shape for the house to qualify for financing in its current condition.
Banks/Lenders will not lend on a floating home if the float is in bad condition.
Approximately 10%-30% of the floating homes listed for sale must be bought with CASH ONLY, not with a loan.
2) There are only 2 lenders who will finance a floating home mortgage in Oregon.fuzzmcpherson2019-02-18T11:36:38-08:00
Under certain limited circumstances, there is a 3rd lender.
Unless you happen to bank at one of these institutions, your bank will not make a loan on a floating home.
Floating homes are not considered real estate. They are real property, therefore they cannot qualify for special loan programs, low down payment options or the loan programs you see advertised on the radio, internet or TV.
3) All floating home lenders will require a cash down payment of 20% of the purchase price.fuzzmcpherson2018-11-01T21:11:39-07:00
Half of all floating homes are located in rented slips (where the floating home owner leases the slip from a moorage landlord). The other half are in owned slips (where the floating home owner is part of an HOA which owns the slip and a share in the moorage).
Regardless of whether the floating home slip is rented or owned, once you purchase your floating home, you will be responsible for additional monthly payments of about $190 –$1,000+ to the landlord or to the HOA. This payment is separate and in addition to your monthly floating home loan payment, but does cover water, sewage, trash, and parking.
Monthly slip rent typically runs from $600 to $800, but sometimes is as much as $1,100+, depending on the moorage or the home’s location within the moorage
Monthly HOA fees are typically around $350, but the lowest one currently is $195, and there are some that are over $500.
6) As part of the buying process, the buyers customarily pay for the float and house inspection which, in total, cost about $1,100.fuzzmcpherson2018-11-01T21:11:20-07:00