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Old 10-18-2020, 12:17 PM   #1
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Helicopter pilot, but still a Sailor

Hello all, Navy helicopter pilot here. My wife and I lived aboard a 38' Beneteau sloop in Puerto Rico and San Diego back in the early 2000's.

I am nearing Navy retirement and we have been itching to get back on the water with our two kids.

The first time around, what we really wanted was a trawler, but as a new Navy Ensign, it simply wasn't in the budget. We're considering boat schooling and doing the Great Loop with the kids starting in a couple years.

Plenty of time to figure out what we want in a boat this time, and how to manage the finances. This pandemic has made the lenders skittish, even if rates are historically low.

Looking forward to absorbing some wisdom from this august body!
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Old 10-18-2020, 12:24 PM   #2
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Never tell a lender you plan to make the boat your primary residence. They won’t do the loan if they hear that your plan is to live on the boat. They are not afraid of you and your ability to pay. They are afraid of loan documentation requirements for primary residences.
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Old 10-18-2020, 12:43 PM   #3
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Welcome aboard and thank you for your service.
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Old 10-18-2020, 01:09 PM   #4
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Never tell a lender you plan to make the boat your primary residence. They wonít do the loan if they hear that your plan is to live on the boat. They are not afraid of you and your ability to pay. They are afraid of loan documentation requirements for primary residences.
Tiltrider, if we own a home elsewhere, but it's rented out, are we in the clear? I'm not one to lie/omit info, as it seems to have a way of catching up to you later.
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Old 10-18-2020, 02:23 PM   #5
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Welcome aboard. Pau Hanna is the resident expert on insurance. He recently posted what makes you a full time liveaboard. You should read that post. I think that if you arenít a full time liveaboard for insurance then you probably arenít for a loan???
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Old 10-18-2020, 02:26 PM   #6
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It’s not a lie if you change your mind after you bought the boat. The bank doesn’t care after the deal is done. They are trying to avoid primary residence paper work. You have a house and your plan is to live in the house after using your boat. This is enough for the bank to check the box for boat loan instead of primary residence loan. The bank is not going to ask if the house is rented and you don’t need to offer the info.

I was living on my last boat when I bought my current boat. My money was tied up in a development deal so I borrowed the money from my bank. My own bank advised me to state the new boat purchase was for boating and that my old boat would continue to be my primary residence. Two months after the deal closed I changed my mind and moved on to the new boat. My banker asked me why it took so long for me to change my mind.
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Old 10-18-2020, 02:31 PM   #7
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Welcome aboard, airedale, from a former skimmer!
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Old 10-18-2020, 02:52 PM   #8
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Welcome aboard, Bubba! It's great to have another Helo pilot among the ranks (psneeld is a former Coastie Helo pilot.)

Since you flew helos, it'll be an easy transition to the noise, vibrations and slow speed of many trawlers! Fortunately, the ratio of Ops:Maintenance hours required is much better in trawlers!!

Enjoy the ride!!!
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Old 10-18-2020, 03:24 PM   #9
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Fortunately, the ratio of Ops:Maintenance hours required is much better in trawlers!
And waaaaay less "Oh sh1d bolts"....

(Retired fixed wing......)
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Old 10-18-2020, 05:10 PM   #10
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Hello all, Navy helicopter pilot here.
Welcome. Retired Navy (and Coast Guard) pilot here. Summer live aboards on the Great Lakes since retiring. Great lifestyle, although 5-6 months at a stretch is plenty for us..
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