Big News in the Seattle Houseboat World--Financing is Now Available!

Published online: May 12, 2010 News Sam DeBord
Viewed 456 time(s)
http://blog.seattlepi.com/seattlewaterfronthomes/archives/205563.asp?from=blog_last3

There's a big bit of news for houseboat buyers and sellers in Seattle--we've finally got financing for houseboats/barges in rental marinas such as Seattle Marina and Commercial Marina. This has been the number one factor holding back houseboat sales in the past. Buyers had to pay cash for the full price of the houseboat, which was too great of a barrier for most.

Thanks to Linda Bagley of Special Agents Realty for the heads up. We don't have the final official stats yet, but here are the likely terms:

Seattle Metropolitan Credit Union will be lending on houseboat "vessels".Qualified borrowers will be able to finance up to 75% of the purchase price, and sales tax can be financed. This is important for buyers, as sales tax can add a 10% upfront cost to a vessel purchase.

Interest rates are likely to be 6.625%-7.125%, on a 30 year amortized loan with a 10 year balloon. This means you'll make payments on the home like a 30 year loan, but the balance will be due after 10 years. At that point, you'll need to make a full payoff, or find alternative financing. This is a great way for a first time buyer to get a foot in the door.

These houseboat vessels must be in moorage with a long-term lease, and an inspection/survey will be required to verify the condition of the vessel. Like all financing the buyers will need to go through an application process to verify their eligibility for financing, but this is a huge step forward for the houseboat vessel community.

You May Also Be Interested In...

March 30, 2015

The Mini Bike Is Back!

The Downtube Mini Shimano Nexus 8SP Folding Bike has answered the call of demand and is back on the market!
March 25, 2015

Restored To Her Glory

If you’re interested in restoration stories, you don’t want to miss this one—which involves a little history lesson to boot.
March 19, 2015

Why You Should Keep Your Smoke Alarms Up To Date

If you want to hear a good argument for keeping your smoke alarms up to date onboard, check out this man’s story according to Cambridge News.
March 11, 2015

Unmanned Houseboat Drifts 165 Miles

You’ve heard of runaway dogs, but have you ever heard of a runaway houseboat?
March 04, 2015

Lake Norris Update: Twin Cove Marina Is Seeing Great Progress

In an admiral show of resilience and dedication, the heavy winter damage at Twin Cove Marina, Carryville, Tenn., is already being tackled by cleanup crews.
February 24, 2015

Norris Lake Boats Suffer Severe Winter Damage

We have sad news—several boats and docks collapsed under the fury of a winter storm in the Norris Lake, Campbell County, Tenn., area this Saturday.
Follow us on Facebook!   Follow us on Instagram!   Follow us on Pinterest!   Follow us on YouTube!