Hello,
First post and couldn't find another thread that addresses my specific circumstance, so here goes:
In about 2-3 years I'll be in the market for a liveaboard trawler and wanted to see if I could gain some knowledge (and hopefully not have my dreams crushed). My current financial set up: good income, good savings, very little debt, excellent credit, but no real estate history.
I plan to purchase a home in the next year, incur that new debt and then quickly put renters in to it before purchasing a boat. My overarching question, with that new debt, does anyone have experience with a lender that takes in to account rental income to offset their debt to income ratio? Maybe I'd still get approved without that, but it seems the ratio would be too high with a new mortgage. The primary reason for purchasing the house would be to have a solid asset on land (seems boat lenders want to have something they can hold on to in case you sail off to not be found).
Thanks for any wisdom.
First post and couldn't find another thread that addresses my specific circumstance, so here goes:
In about 2-3 years I'll be in the market for a liveaboard trawler and wanted to see if I could gain some knowledge (and hopefully not have my dreams crushed). My current financial set up: good income, good savings, very little debt, excellent credit, but no real estate history.
I plan to purchase a home in the next year, incur that new debt and then quickly put renters in to it before purchasing a boat. My overarching question, with that new debt, does anyone have experience with a lender that takes in to account rental income to offset their debt to income ratio? Maybe I'd still get approved without that, but it seems the ratio would be too high with a new mortgage. The primary reason for purchasing the house would be to have a solid asset on land (seems boat lenders want to have something they can hold on to in case you sail off to not be found).
Thanks for any wisdom.