VA Housing Loan to Buy Boat?

Discussion in 'The Dockhouse' started by Bradley_DSCompany, Apr 7, 2016.

  1. Bradley_DSCompany

    Bradley_DSCompany New Member

    Likes Received:
    1
    Trophy Points:
    1
    Hello sailing world. I was wondering if any of you have heard of any veterans using their home loans to purchase a boat. I've been receiving a lot of different answers from both the VA and from realtors. Though, it would make sense to me that if the vessel could qualify as a home (head, shower, holding tank, power....) then it could qualify for a home loan? If any one has any experience with that I would love to hear from you. Without a direct answer from the VA, it is hard to convince boat brokers interested in negotiations.

    I'm living in San Francisco with two children and buying a house is just not an option hear. I can't stand to throw my money at a landlord every month. Purchasing a vessel as a home seems reasonable.

    Thanks again for any help.
     
  2. Wavedancer

    Wavedancer Upside down? Staff Member

    Likes Received:
    133
    Trophy Points:
    63
    A bit of googling shows that the answer is NO. I quote:
    But any property without a fixed, permanent foundation--including boats and recreational vehicles--cannot be approved for a VA guaranteed home loan.
     
    • Like Like x 1
  3. fhhuber

    fhhuber Member

    Likes Received:
    24
    Trophy Points:
    18
    The VA loan is not as big of a benefit as it used to be. A friend just bought a house and it was cheaper to NOT use a VA loan.
     
    • Like Like x 1
  4. Bradley_DSCompany

    Bradley_DSCompany New Member

    Likes Received:
    1
    Trophy Points:
    1
    Thanks for the research. I've found the same info before, though I've also spoke with a USAA rep and was told that the VA home loan could work with the proper inspection by a agreed on agent. I've heard from other boat brokers that they've dealt with the VA loan process before. Thanks again, I'm going to be skeptical but not completely erase this option.
     
  5. Bradley_DSCompany

    Bradley_DSCompany New Member

    Likes Received:
    1
    Trophy Points:
    1
    You're right. Most of my friends who have settled down have used loans from other sources. I do not have the best of credit and the VA loan works a little better for my situation, assuming it will work on vessels. Thanks!
     

Share This Page