When people call me to talk about floating home buying, they want to know about the moorage and the slip. What does slip ownership or slip lease mean? What is the difference between slip ownership or slip lease? Here’s the scoop:  Floating homes are, by definition, in a ‘neighborhood’ called a moorage. The Moorage is where the home is ‘docked’ or secured. Yes, it can change; the owner of the floating home can move it to a different moorage or slip. I will talk about moving the floating homes in another posting.

Moorages are organized in lots of ways, but for the sake of our discussion here, we are talking about whether the owner of the home also owns the slip OR is the slip in a moorage that is owned by a third party and thus, the owner of the floating home pays rent to that third party.

Slip Lease:

When you lease the slip where your home is moored you pay less for the house, but your monthly fee is higher. Look at it this way: the moorage pays for the water, sewer, garbage and any other assets such as parking or gate security, and then on top of that, you pay rent to the owner of the moorage for your space; your rent includes maintenance of the docks and the working parts of the moorage such as the community honey pot system, the ramp access and the dock repairs. You pay your own natural gas, electricity, internet and insurance plus property tax on your house. How much is the difference? It varies of course, but a slip with a fabulous view can be valued up to $200,000. A small slip with no view can be valued around $50, 000 to $85,000.  What to look for: be sure you like what you see in terms of the moorage and the condition of the moorage.

Slip Ownership:

When you own the slip, you actually are buying into the whole moorage. You will pay more for the house (think about financing) but your monthly fee is less. The moorage pays for the same things as the leased slip: water, sewer, garbage and security,  but you are NOT paying rent to someone for the space where your house is docked. Instead, you pay a monthly fee, part of which is (should) be put into a savings plan for repairs on the moorage. You are part of the a group (your neighbors) who maintain the moorage. The advantage of slip ownership is that your monthly cash flow and your tax benefit is better. The value of owned slips ranges from $100,000 to $200,000. This value can be rolled into your home mortgage.

Slip Ownership or Slip Lease?

What’s the difference?

Bottom Line:  It is mostly about cash flow. The cost of the house plus slip is greater but your monthly fee is much lower and can be controlled by you as one of the residents. Both property types have property taxes.

The adorable floating home with slip ownership in Tomahawk Moorage is for sale!! Wow! The little cutie is a spacious 1300 square feet with two bedrooms and two full bathrooms. The master bathroom has heated tile floors and a double wide shower with glass brick wall. The house has been fully updated and lightly used. The slip is 43′ by 60′.  The house is super cute, and you can buy it fully furnished!!! It is really move in ready. The float has been updated too, so your float inspection will show a sturdy float.

Gourmet kitchen:

The kitchen is fully updated with stainless appliances and open counter space. Gas cook stove, new fridge, and lots of workspace.

Master Suite:

The master suite is light filled, includes a walk in closet that is completely organized for you, and a new master bath with heated tile floors and a glass block outer wall to let in all that sunlight.

What does “slip ownership” really mean?

In Tomahawk Moorage, you are buying the house, plus 1/72nd ownership in the moorage itself. Tomahawk Moorage is the only moorage in Portland where the moorage actually owns the uplands and the mud under the houses to the middle of the North Portland Channel. This means you get a say in all expenses, keeping the low HOA fees, and other decisions about the moorage. Read all about Tomahawk Moorage at www.tomahawkdestiny.com

This house is a great buy in a terrific moorage. Call me for a private showing! Financing is available!

The 2014 Christmas Ships Parade is just fabulous this year. They have lots of new boats with fantastic light decorations. The Christmas Ships come right by the front of Tomahawk Moorage, where I live. They pause in front of our home, curtsey and bow and twirl around. We have friends over each year to enjoy the show and a Christmas pot luck party…..actually, we call it our Christmas Cruise.

When you live on a floating home, each year offers up some special times to have friends over to enjoy the life style of living on the water. Christmas is one of those times. The moorage is decorated by the home owners on the Sunday after Thanksgiving. It comes alive with bright lights to offset the winter darkness. The holiday decorations come down the Sunday after New Year’s.

This in one of the reasons I say “If you’re lucky enough to live on the river, you’re lucky enough!”

 Winter hit Portland with a frigid blast after six weeks of ‘balmy’ weather (meaning no rain, blue skies, cold temperatures but dry).  I was getting my hair done when I looked out the window of the salon and saw snow blowing sideways up Broadway, wind howling and swirling. Living on a floating home requires some special preparation for these winter blizzards that occur every few years. The first thing on my list was to get home fast, stop at the store first……Food, wine, water, coffee for at least 3 days.

1. Leave the water running. If the temperatures stay low, as they did last week, leave the water in all the sinks running day and night. Sitting on the water, pipes are exposed to the air; pipes are locate and exposed under decking and in unusual spaces. Temperatures in the low 20’s are going to cause problems if you don’t keep a steady stream coming out of the faucet the entire time. Next summer’s project: wrap those pipes!

2. Shovel and chip.  Snow is pretty of course, but on floating homes, the weight of the snow can be dangerous. Even though you may only need it every 3 years or so, a snow shovel is a good tool to keep in your storage closet. Get the weight of the snow off your decks, porches and walk ways.  Chip ice away too. You may notice that the swim float attached to your home is sitting higher than your deck; this is an indication that your home is bearing too much extra weight in the form of snow and ice.

3. Stock up!  Just like people living on land, you are prudent to keep a couple of jugs of fresh water on hand incase there is a break in the water supply line for your moorage.  Other emergency items would be propane so you can use your boat stove in case the power goes off, flashlights and candles, batteries; all the stuff you would keep on hand if you lived on land. Keep in mind, with really cold weather, you might not be able to get off the docks to go to the store due to ice accumulation, so laying in a couple of days of good food stuff is also important. Play poker or Cribbage, fresh cards, snacks for the neighbors.  Don’t forget the whisky!

4. Keep your local repairman on speed dial….and pay him promptly!  This is the guy you call if your honey pot acts up; during cold weather, the pump could go out, the pipes could freeze and then …. you need The Guy.  Keep this guy on excellent terms if you want him to attend to your problems during the cold weather…or any other time. Pay him promptly and throw in a bottle of rum. He will put your business at the top of his list when an emergency arises.

5. Keep your furnace in top running condition: This is a job to do in the fall. Get your furnace serviced and the filters cleaned so that you won’t have a problem during the cold weather.

This stunning home is definitely one of a kind. No expense was spared in creating a unique floating home that brings inside the color and life of the river, while providing a warm interior space with comforts and amenities that offers worry free on- the- water living. Located in the premiere East front corner slip, this home enjoys spectacular views of the river, yacht harbor and Mt Hood. An oversized all weather deck features dock space for both a 60 foot boat and a 40 foot boat right at your doorstep, as well as ample space for outside entertaining.  Completely remodeled in 2011, this home features warm, wide plank, Heirloom Birch hardwood flooring throughout the open concept main level, accenting deep green, imported Italian marble slab kitchen counters.  A dual control Mitsubishi HVAC system allows independent temperature control for each level of the house. Endless hot water tank, stainless Meile kitchen appliances with down draft cook top, high UV rated windows, Ann Sachs tile finishes in kitchen and a heated marble floor in the master bathroom. Wool Berber carpeting in the bedrooms adds to the visual and tactile comfort of this beautiful home. A few of many special features include a black and white marble wall mosaic accenting the free standing bathtub in the master bathroom, an architectural faucet in the kitchen, heated water and sewer pipes making winter weather care free, extra floatation on a superior float (foundation).  Gas barbeque and hook up on the deck.  Slip ownership is included in the price along with a percentage of Tomahawk Moorage. Low HOA fees of $270 a month include water, sewer, maintenance, trash service and landscaping. Solid moorage financials available for your review with an offer to purchase. Pet friendly moorage plus great neighbors. See More about this home!

More about the author Karla Divine:  I live on a floating home and can help you with all aspects of buying or selling yours. My work is to help people buy and sell their homes or investment properties. How can you use my lifetime of real estate experience to help you reach your goals of buying a new home or selling the home you love? What can I offer you to make your experience more productive and less stressful?   Exposure to available housing as soon as possible* Competitive Market Analysis and Pricing information* Investment property analysis* Current market knowledge* 30 years of experience in buying and selling real estate* Professional negotiation skills* Extensive network of resources to smooth the wrinkles in any transaction.   My promise to you is to give you the best, most professional, service available to help you accomplish your goal, just as I have done for many other happy clients. I will put YOUR business first! Return your calls, answer your concerns, provide resources and trustworthy counsel so you so you can make the best decision for you and your family, honor your time and money, exceed your expectations.
Karla Divine Principal Broker / Owner Divine NW Realty 503-819-6923 www.karladivine.com

Super clean boat house with a fabulous shop area big enough for ALL of your tools. The boat well is extra large, big enough for a 45 foot boat with up to a 16 foot beam. Lots of side storage in the boat well. Great slip location in nice moorage. The apartment is a spacious one bedroom apartment that has been recentely updated. Very nice kitchen with solid oak cabinetry. Light and bright interior, walk in closet…and get this, a lift from the well to the living room so you can get your groceries up with less effort. You know boaters, this lift is un permitted, but works good.

My work is to help people buy and sell their homes or investment properties. How can you use my lifetime of real estate experience to help you reach your goals of buying a new home or selling the home you love? What can I offer you to make your experience more productive and less stressful?   Exposure to available housing as soon as possible* Competitive Market Analysis and Pricing information* Investment property analysis* Current market knowledge* 30 years of experience in buying and selling real estate* Professional negotiation skills* Extensive network of resources to smooth the wrinkles in any transaction.   My promise to you is to give you the best, most professional, service available to help you accomplish your goal, just as I have done for many other happy clients. I will put YOUR business first! Return your calls, answer your concerns, provide resources and trustworthy counsel so you so you can make the best decision for you and your family, honor your time and money, exceed your expectations.
Karla Divine Principal Broker / Owner Divine NW Realty 503-819-6923 www.karladivine.com

2014 is starting off with a bang! Prices are up, multiple offers are being made on desirable, well priced properties (especially in the close in neighborhoods), a fresh breath of hope is emerging for the Portland real estate market.  December sales closed just a bit higher, but it looks as if 2014 will be a great year in real estate.  We have some ground to make up (excuse the pun) and I don’t think the current frenzy will hold as a base point. Sales were up over 12% for 2013.

Buyers: Get prepared to make your purchase. Unlike the last year or so, you won’t have time to reflect on your new home choice; if you find the house, be prepared to move forward. Have your lender organized and your paperwork in. Make a decision on your price range and neighborhood. We still have low mortgage rates available, but this will not last. Lenders are looking at your employment longevity, status and income, your credit scores and current tax returns. Act now to get the best terms.

Sellers: What does this mean for sellers? Your values have increased, and market desirability is moving towards the heavens. Don’t adopt the attitude of testing the waters to see how much your home is worth; get it ready, set a price and start packing. Curb appeal is super important. Pricing correctly is absolutely necessary. Use your instincts, the data available on current sales and timing.

Investors:  What does this mean for investors? I am seeing the re emergence of the 1031  exchange so investors are likely to put their properties into the market mix. The rental market is still very strong in Portland, and with values increasing, this is a good time to increase your portfolio.  Finding new investments that will cash flow will be challenging, but work with you CPA to determine to overall benefit to your financial worth including depreciation, tax advantage and property appreciation.

Bottom Line:  Overall, real estate has been a historically wise investment in spite of the serious turn of events over the last few years. Buying and holding; maintaining an investment, whether it be your own home or a rental or a commercial property, is a long term good idea. I started investing in real estate when interest rates were 18% and even then it turned out to be a solid choice of where to increase my net worth. Work out a strategy, live wisely (meaning fiscally conservatively), and pay attention to the details to take advantage of the awesome opportunity to participate in the Portland market.

More about the author: Karla Divine

My work is to help people buy and sell their homes or investment properties. How can you use my lifetime of real estate experience to help you reach your goals of buying a new home or selling the home you love? What can I offer you to make your experience more productive and less stressful?   Current information on available properties* Competitive Market Analysis and Pricing information* Investment property analysis* Current & knowledgeable immersion in the real estate market* 30 years of experience in buying and selling real estate* Professional negotiation skills* Extensive network of resources to smooth the wrinkles in any transaction.   My promise to you is to give you the best, most professional, service available to help you accomplish your goal, just as I have done for many other happy clients. I will put YOUR business first! Return your calls, answer your concerns, provide resources to you so you can make the best decision for you, respect your time and money, exceed your expectations. 

This is a super cute, super quirky floating cottage located in Tomahawk Moorage. The sellers really enjoyed living here but now they have two active babies so they have reluctantly moved to land. They had the entire float completely rebuilt this summer with all new logs and stringers, and a larger deck.  The house has one cool bedroom with an ensuite bath room, plus some very cool living spaces, and elevated loft style dining room and a spacious tender house that can be used as another bedroom or a studio-office. This floating home has a beautiful view of the North Portland Harbor. Plenty of room to host a fun Christmas Ships Party.

The price includes ownership in

Tomahawk Moorage!

Wow. This is an awesome floating home for sale  in an even more awesome location! This floating home is located in Tomahawk Moorage, right at the bottom of the access ramp (so you don’t have far to lug those groceries). It has one of 9 premiere slips in Tomahawk Moorage, a Front-Corner-Slip. Why do you care? Well, for the same low HOA fee, you have room to dock at least two big boats, one along the front and one along the side of the house.  This is a large home, 2200 square feet. You may have noticed that this home has been on the market for 3 seasons……let me explain.

The owner spent a year and almost $150,000 on refreshing the float and all the  systems under the house. He added two new logs along the outside of the decking, put in all new duct work for the AC and Heat systems. He added new hard core insulation, new floatation, and then added new decking (the all weather kind), painted the exterior and the interior of the house, added solid hard wood flooring and new carpet and added new stainless steel appliances. After all that, the house may still need some of your touches to update the interior, but this is a very solid wonderful home that is ready for a new owner. The current owner is ready to negotiate, and has dropped the price $100,000 from what would make him whole financially. And, Tomahawk Moorage is ready for a new neighbor!  Call me today to take a look at this wonderful home. Financing is available and you can make a great ‘deal’ on your purchase.

This little cottage style floating home is super cute. Of course it has the usual assets of master bedroom with en suite bath, nice kitchen with gas appliances, and adorable enamel cast iron fireplace that heats it. But what sets this home apart are two things: it has a brand new float installed in 2013 AND it has a spacious tender house that can be used as a studio or guest quarters. This home is completely paneled in clear fir paneling, giving it the appearance and feel of a sea worthy boat. It has a great view of the North Portland Harbor (think, Christmas Ships in December). Tomahawk Moorage is a great place to live. It is pet friendly and also the residents own the moorage. That keeps the monthly fee low ($270 a month). The owners manage and maintain the moorage. One great thing about Tomahawk Moorage is that it is perfect for sailors because of its proximity to the Columbia and no bridges in the way between the moorage and the main river.

If you are thinking about a floating home, call me to look at this affordable option or any others that catch your fancy. I live on a floating home and can tell you all about it.

 One type of floating home foundation would be a log and stringer float. These floats support and stabilize the floating home. They have a life of about 40 years, but they can be repaired and updated throughout the life of your home to extend their life. The repairs can include replacing or adding new logs, replacing one or all of the stringers, adding boyancy floatation in the form of bails of foam.

When you buy a floating home, with all the hopes and possibilities attached to your purchase, you will want to have your float inspected by a floating home inspector who can rate the float of your new home and give you an evaluation that will allow the home and float to be used as collateral for a mortgage. On pitfall that buyers and sellers are experiencing today is that the building codes have changed since 2008. A float that may have gotten a positive rating in 2008 may no longer be constructed in a way that is ‘financable’. This means that the float will require some updating to pass the current codes. The updating can include adding floor insulation, increasing the number of stringers, adding a log or two and other expensive but important repairs.

The message here is clear. The purchase of your new floating home needs to be subject to a float inspection, and the buyer’s approval of that inspection. If you are paying cash, you still need to know what it is you are buying. If you ever want to sell, you will be responsible for assuring the next buyer that they have a solid float. When it comes to doing the repairs, get two or three bids from contractors who understand floating home construction and know how to bring a serviceable float up to current code expectations. Depending on the extent of the refurbishment, the cost can be up to $70,000……Yes! more than a new float! The work is dangerous and requires the use of several different contractors who specialize in the various aspects of the repair.

Cover image courtesy of MarketingGoon.com

Mark Even Construction

Channel Island Floating Home Community is a special moorage on the Multnomah Channel. What makes this moorage special is that it has only 18 homes, and all of them are wonderful. The one pictured at left is listed for $690,000, and was constructed by custom builder, Mark Even Construction. The owners designed this custom home to reflect their life style and the beautiful views and location of this particular home.

Channel Island is located just west of the Sauvie Island Bridge on the mainland. The community if gated, and boast a row of gabled garages (one for each home) with added storage above the parking area. The Moorage also has acres of land, fenced by hedge roses that have a lovely fragrance when in bloom in early summer. This moorage has a on site sewage treatment center, a large meadow and secure parking. The owners also manage the moorage, and have accumulated a fat savings account for moorage repairs or replacements, and great maintenance and upkeep.

This moorage is a great choice for people who love the water and  serene, beautiful views of three mountains from the decks of their homes. Although the water is deep, this moorage is fine for power boaters. It is a short distance to the lower Willamette, and then on to the confluence of the Willamette and Columbia Rivers. Going west, it is a short distance to fine dining on the river at Mark’s on the Channel. The farms of Sauvie’s Island offer a wealth of good local food for the Floating home cook.

The beautiful homes and moorage that make up Channel Island Floating Home Community are a great choice for year around living, a short drive to Portland or Beaverton for work. These homes are more expensive, but they offer some fantastic value for those who can afford a premium home and moorage.

Cover image courtousy of EvenConstruction.com.

Tomahawk Floating Home Community is located on Hayden Island / Jantzen Beach. The moorage is one of the best moorages in Portland because it offers some great amenities. Of course, the most important factor in choosing YOUR floating home moorage is the location you prefer. With over 3000 floating homes registered with the Marine Board, you have some great options and I am going to write about some of them so you can get a good idea of what is offered.

Tomahawk Moorage is located on the East end of Hayden Island. It faces South, looking across the North Portland Harbor to the floating home communities in Bridgeton area. Tomahawk Moorage is charming, with two long docks splitting off from the ramp to the docks. The East docks are arranged in fingers, so that the houses face each other. The West end is arranged with half the houses facing directly South and onto the front of the open water of the harbor. The other half are facing the riparian bank with quiet views of wildlife, and enough room to bring both boats and dingys back to your private dock or swim float.  The homes in Tomahawk moorage vary from large to small; there are a very few boat houses….most of the homes are single family.

The amenities offered in Tomahawk Moorage are what makes it one of the premiere moorages in Portland. The moorage is all slip ownership, meaning the price of a home in this moorage includes ownership of the slip and partial ownership of the moorage community. The management of this moorage is done by the owners who live there, and this keeps the monthly fees among the lowest on the river. They include water, sewer, waste management, secure parking in a gated parking lot, and a healthy contribution to the savings account for moorage repairs.

Another factor to consider is what type of boating you plan to do. A moorage like Tomahawk is an excellent choice for sailboat owners because the access to the main river does not require opening bridges or long trips through the channel to open water. This moorage does not have a history of ‘grounding’ which means the water beneath the homes is deep.

Tomahawk Moorage was purchased by the Tomahawk Destiny Association (the members who live there) in 2000. It is a wonderful moorage and a great place to live. The people are friendly and responsible. Each house has capacity to dock a boat.

Best tidings to all of you! The Christmas Ships have paraded past our floating home in North Portland Harbor, the moorage was decorated to a fare thee well…..brilliant lights adorned the docks and boats, decks and windows. The gates were thrown open, and guests to the moorage trooped in to see their friends, muffled and gloved, bearing steaming pots of meatballs, Yule Log cakes and jelly jars of gifts from the summer seasons.

Christmas on a floating home is wonderful. Friends visit, potluck dinners are festive. The darker side is all about the weather. Snow and ice are not the friend of floating homes. In 30 feet of water, the weight of heavy water in the form of snow and ice can lower your level! Neighbors pitch in to  shovel and scrape any frozen water from the surfaces; docks, roofs, railings. The moorages have systems in place to help with cold weather too. Faucet drips are necessary to keep the flow of water through the pipes moving.  Big containers of salt are placed along the docks to spread out when they get slippery after heavy rain or when the temperatures dip.

I love the winter months on my floating home. I enjoy watching the storms come up the harbor, the sky bruising from dark gray to purple, a squall on the horizon. I love the Canada geese flying in formation, the loons dipping beneath the water surface and the huge Cranes hunched on one leg, fishing in still life for carp.

Now the new year is beginning and the sun sparkles off the frost and water. We will begin January with the boat show and move on to sailboat racing season. Life is wonderful on the water!!

Cover image courtesy of Tripod and Spray Bottle.

The Portland Boat Show is a must go for anyone who spends a lot of time on the water. This year the show will be an abbreviated version of year’s past. None the less, some of the highlights to look for are the new Hunter boats presented by Passion Yachts. Come aboard! Get comfortable on the newest power/sail boat. This brand new style is a good option for fun on the Columbia River. When the “Iron Wind” is necessary, as it often is,  you can power up the huge twin motors and zoom up river for a picnic on one of the islands above the 205 Bridge. On the other hand, when winds pipe up in the afternoon, raise the sails and glide smoothly back and forth (remember this IS the Columbia, so tacking is what you do).

When you come to the Boat Show, pick up a copy of Freshwater News and take a look at my Floating Home listings, highlighted in the special section. As you have read, mortgage rates are now in the reasonable zone, and prices have come down so call me to take a look at all the moorages on the river, and find out why folks love living on the famous floating homes of the Columbia River.

See you at the Boat Show!! Look for the crew of the Dew Drop Inn, Captain Steve, Jack the Sailing Dog and me at the Hunter Sailing Association of Oregon booth, right next to Passion Yachts.The Hunter Club is a super fun group of folks who own Hunter boats. We enjoy cruising all summer and fall. We have famous and wonderful potlucks and fun activities. Join us!

Floating homes are built on foundations called floats. There are several ways to construct a float. The original way might have been to build the home on top of a barge, but we don’t see that too often in Portland. The most common construction of a float is logs and stringers. Older homes have wonderful old growth fir logs, some as large as 6 feet in diameter. Once submerged, they don’t rot. You might notice some deterioration on the top of the logs such as in the photo at the left. But the logs are still serviceable. If they begin to get waterlogged, or lose some flotation, bales of Styrofoam can be inserted beneath the house to help in buoyancy. The stringers are beams, wide enough to fit completely beneath the home across the logs. The Stringers are not laminated. They are 6″ or 8″ by 10″ or 12″.  The sub floor of the home is laid across the stringers, with insulation and wire animal fencing incorporated. Soome stringers are constructed of steel. They never rot and, while expensive, they are a good replacement for wood stringers.

Cover photo By Art Grice/Courtesy of Studio Hamlet Architects.

The gardens are fading glory, the end of summer on the river has arrived. And ….ARGH property tax bills are in the mail!!  Here is some helpful information if you want to appeal your property taxes this year. Remember! Appealing your taxes is not a guarantee of getting a reduced bill! The process is kind of arduous, but the tax department is surprisingly helpful (call David or Joan at the Multnomah County Tax Department 503-988-3326). Your floating home is taxed as Personal Property!!

To file a property tax appeal, you will need to download and file a Personal Property Tax Appeal form. You can access the Department of Taxation for Multnomah County this link. You will need to provide evidence to support your claim. The evidence needs for be for the time period of January 2010 because that is the month that they use to make the assessment bills for the upcoming bill that is generated in November. The evidence should be either or both an appraisal by a licensed property appraiser or a market valuation done by a Realtor or both of these. Pay close attention to the date you must file the appeal: This year, it needs to be filed no later than January 3.

2011.

FYI: At the time of purchase or sale of a floating home, the State Marine Board collects the information to submit to the county. As you all know, personal property requires an annual filing notice of value. If you fail to answer this notice (even if you fail to receive it) you will receive a ‘special assessment equal to 50% of the assessment bill as a penalty. Everyone has their own idea of how to fill this form out, but if you would like to know what I advise, please feel free to contact me.

If you would like additional information don’t hesitate to call me. If you decide to appeal your taxes, don’t wait till the last minute to compile your evidence because appraisers and Realtors are all working on this. Thanks! Let me know if you find this helpful!

Floating home financing is available. Refinance options are also available. Here is a list of lenders who are participating in the 2010 market. I expect others to get involved by Spring or Summer of 2011.

Banner Bank: Fixed rate 6.25%, 15 year balloon with a 25 year amortization. This loan can be reduced to 6% with an automatic payment from a checking account at Banner. Call: Lenny Severs 971-255-5640 or Laurel Buncak 503-534-1000.

Other lenders are:

Rivermark Credit Union: They can do refinancing at 7.875 % with a 70/30 loan to value. No cash out…they will allow only refinancing of present lien on the home.

NW Resource Federal Credit Union: refinance funds only. 5.875 fixed or 5.375 ARM. They hope to offer purchase funds in 2011. Call Cody Hager:  503-220-2592

If you are looking to purchase a floating home, ask if the seller will consider financing your purchase for a term of one to five years. This may be a good alternative option. All floating home loans require a down payment of at least 20% unless you can make other arrangements with the lender (like you might have your entire 401K invested with them). Your financing will depend on your stellar credit rating of 7.2 or better. You will have to have a float inspection done on the property when you obtain a loan. A float inspection costs about $400 to $500 and is well worth it. The float will have a rating of between one and five, with five being super excellent. I will talk about floats in a separate posting.

Don’t hesitate to call me if you have any questions on financing or on floating home lifestyles! I would love to talk with you and help you enjoy this cool life on the water. Cover image courtesy of www.Shelterness.com.

Floating Homes

I am not complaining!! Banner Bank finally responded to floating home Brokers to re evaluate their mortgage rates and terms! This may loosen up the market for fabulous floating homes in the Portland area. The new rates are in line with the super rates available for on land homes.

Banner is offering 6% purchase loans if you have excellent credit and a down payment. Folks who are looking at the floating home life style are typically good credit risks. They are conservative financially, employed, have some money (because it just costs more to buy into this cool lifestyle) and pay their bills.

If you have ever considered living on the water…now is a great time to take a deeper look! There are some fantastic prices of these unique, historical homes.

Cover image courtesy of EvenConstruction.com.

We had a great time in St Helen’s on the 4th. The 4th is Steve’s birthday, and we have spent the last several 4th’s in this cute little Columbia River historic town. The city of St Helen’s has a great city docks. There is no charge to stay for a few nights. We go with friends, and secure really good spots on the docks to watch one of the best fireworks displays around. They also have a cute park with a gazebo right there. This year they had good concerts and some terrific belly dancers. It was lots of old fashioned fun.

Belly Dancer on the Fourth