I hope you can pay cash

[stormchaser]

We had no problem getting financing for our 1980 Hat with 20% down. We had multiple offers for financing and ended up with a 6.75% 20-year term. Several of the banks changed their mind on us once they found out we were going to be live abaords...too risky that we might pack up and head to the islands where the boat could be hidden from the repo guys. But we were still able to get financing. Yes, we COULD have scraped the cash together to pay cash for her...but since we're going to use tis as our HOME...might as swell get the mortgage tax deduction... lol

 

[nyrussell]

Dave,

We didn't get that hassle about being Liveaboards. Of course 15 years is not great either but....

 

[stormchaser]

Did you MENTION being a live aboard? That might have been my mistake, but I thought mentioning it would help my debt to income ratio as I would no longer have "rent". A few of the potiential lenders specifically mentioend the concern that as a live aboard it is a risk that if things go bad for me, I might cut & run with the boat.

 

[nyrussell]

Let me check with the admiral....