Can I buy a boat AND a house??

[Anonymous]

I have been preapproved by my lender for a VA loan...just waiting for the seller to accept the offer, now....i want to buy a used boat also, and I live in FL and am impatient and want to get the boat in the water.

Can I take out the boat loan ($6500) before the house closes??  My credits ok at around 700, the mortgage is cheap at 120K.  I realize that the boat loan changes my score probably....but will it make a huge difference in the end.  The VA loan has a set interest rate, so that is not really a concern.

Thanks

[George2037]

I'm pretty dure the advice here would be to wait.  They will pull your credit just before closing (sometimes minutes) and if there are any changes they will adjust your rate to what you qualify for.  Something to think about, "There are a million boat's out there, how many times do you buy a house?"

[Anonymous]

This is a rhetorical question right?

Don't be silly- Wait for the loan to close and THEN get your boat.

Or did you want someone to say "Worst thing that could happen is you won't have anywhere to put the boat"

[Anonymous]

Wait until you close on the house- they can renig on the loan if you buy the boat.

[Anonymous]

House first - then make sure the boat has a galley and head (it's considered a second home then - and the interest is tax deductible)

DH is financing our house and I am doing the boat (almost the same cost).

[Mikey]

I would concur with everyone else.  Buy your home FIRST, then buy your boat.  Your credit will be checked a couple times during escrow and last thing you want is for the underwriters to see the new TL on your credit report.  The fish will be there an extra month or two.  No new TL's during escrow, period.

Good luck, Mike

[Anonymous]

If you have found a real deal on a boat and 'must' have that particular one perhaps you can put down a deposit to hold it for a couple months, until after you close on the house. If you are buying a house that needs work you might be able to get extra funds in your house loan to do the work and use some of them to buy the boat. Be careful- if you state the purpose is to fix up the house some of the funds must go towards that purpose. This used to be a common way to accomplish house plus car or boat etc., but is probably much harder in today's mortgage environment. If you are buying from a dealer you might get an interest incentive on your boat loan, but that may not be as nice as having the payments spread over 30 years. Also if you manage to buy a house at below market (about 15,000 or more equity) that you can use a Heloc to pull out boat money.