VA Housing Loan to Buy Boat?

Thread starter #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.
 

Wavedancer

Upside down?
Staff member
#2
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.
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.
 
Thread starter #4
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.
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.
 
Thread starter #5
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.
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!
 
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