30-Year Fixed Rate Loans Available on Floating Homes

This home was refinanced under Coop Federal CU’s 30-year loan program | photo by Emily Riddell | post by Larry Clinton

Cooperative Center Federal Credit Union has resumed lending in our community with unique 30-year fixed rate loans for both purchases and refinances (including cash-out refis).  This is a chance to lock in a long-term fixed rate when interest rates are expected to rise.

The minimum loan amount is $100,000, and the maximum is $1,000,000. Loans cannot exceed 80% of a home’s assessed valuation. Currently the credit union is offering these loans only on owner-occupied homes with concrete barges.

The interest rate depends on each borrower’s credit rating and debt-to-income ratio. Prospective floating home buyers can be pre-approved, so they’ll know in advance how much home they can afford.

The exclusive mortgage broker for these loans is Paul Bergeron, a member of the Sausalito Floating Home Community since 1985. Paul holds licenses as a Mortgage Broker and Investment Adviser, as well as Real Estate Broker. His son, Andreis, works with Paul to help process these loans. They work with other realtors in our community to make these loans available to any interested borrowers.

Cooperative Center FCU also offers 20-year fixed loans, which, like the 30-year program, are fully amortizing. That means that a borrower making payments according to the terms of these loans will pay off the entire loan by the end of its term.  A 7-year adjustable rate program is also available for those seeking shorter term financing.

To learn more about the Credit Union and Paul Bergeron Real Estate, check their un-Classified ads HERE.