Anyone Know About Mortgages on Floating Homes?

[NYSuperdoodle]

I'm considering buying a floating home (houseboat without a motor) at the local marina. Anyone know how the mortgage process or guidelines work for those?

[ShanetheMortgageMan]

I do not.  But at one time Pacific Crest Savings Bank & Viking Bank (both located in Washington state) did them, they still may.  Here is one in Kentucky that appears to still do them - http://www.mbcbank.com/personal_banking/loans/houseboat.htm

[NYSuperdoodle]

Thanks. I'm going to contact them straight away. I went and looked at the houseboat today, and it's larger than my house now. It's in the same neighborhood, costs about half as much as the cheapest house in my neighborhood, taxes are included in the slip fee, and the kids seem to love the idea.

If I can get it financed (EXP FICO is at 656 today, I just checked), I think I might have a winning idea here. Aggravated that my EXP FICO is tracking lower than the Experian PLUS score from my Experian monitoring, but it's trending upward at a pretty good clip, so hopefully it'll catch up soon anyway. 

[ShanetheMortgageMan]

You can Google "Houseboat loans" and come up with more options too.