Home » Home Loan Center » Property Types

Property Types


apply for a home loan  apply for a home equity loan

Floating Homes: SMCU now offers financing options for the purchase or refinance of floating homes, houseboats, house barges, and marina slips. Our loan programs offer competitive rates, low fees and no prepayment penalties.

In addition, SMCU is a member of Seattle’s Floating Home Association. Through this association we know and can share many of the resources available to help you learn more about this lifestyle and how to find and finance your new residence on the water. Learn more about the Floating Home Association at www.seattlefloatinghomes.org or call us for a list of resources.

If you are in the market to home on the water, contact SMCU at 206-398-5888 to start your preapproval or apply online. Then, click here for our current list of fellow association members who are real estate professionals experienced in buying and selling the different types of available residences. They will help you find your perfect home.


Investment & Non-Owner Occupied Homes: SMCU offers financing for 1 - 4 Family unit properties that are non-owner occupied.
  • SMCU finances a maximum of 80% of the purchase price, in a purchase transaction, or 80% of appraised value, in a refinance transaction.
  • The payments can be amortized over 10, 15, or 30 years but the loan has a 10 or 12-year balloon payment, requiring the outstanding balance to be paid in full, or refinanced at the balloon date.
  • The interest rate for a non-owner occupied loan is 1% higher than our posted rates for the 10 or 15 yr Fixed rate loans.
Mobile & Manufactured Homes: SMCU finances mobile homes as real estate loans using the value of the mobile home and land together.

  • It must be at least a double wide home, newer than July 1,1976, attached to owned property, and taxed as real property.
  • The mobile home title must be eliminated.
  • It cannot be in a park.
Second & Vacation Homes: SMCU finances second homes and vacation homes for qualified borrowers.
SMCU does not offer loans for vacation timeshares.
Single Family Homes & 1-4 Family Unit Properties: SMCU offers residential loan financing on these types of properties as either owner occupied or as non-owner occupied.

Undeveloped Land

SMCU offers financing for the purchase or refinance of unimproved residential property (undeveloped or “raw” land).

  • The maximum term is 15 years at a fixed rate of 1% over the posted 15 year mortgage rates.
  • The origination fee is ½% higher than the posted origination fee.
  • All applicable closing costs also apply.
Land Loan Program Description


Contact our Home Loan Center at 206-398-5888 or relending@smcu.com for more information or to start your loan application.

Did You Know?

Some of the things you should consider when buying a home.

Learn More »