So according to our boat finance company, banks will no longer lend to folks who want to live aboard their boat and call it their primary residence.
Has anyone else been in this situation?
Our house is on the market, we are going to sell everything and be free of "stuff", and a mortgage. So because it's not a piece of property, we can't get the loan amount that we would like? Hmmm? So if we buy a double wide trailer and call it our primary residence but have a 53' Trawler for pleasure, that would work for financing????
The loan company is referring to the Dodd/Frank Bill that was passed and actions taken by the Consumer Financial Protection Bureau after the market crashed.
I would love to hear anyone's 2 cents on this one!
Has anyone else been in this situation?
Our house is on the market, we are going to sell everything and be free of "stuff", and a mortgage. So because it's not a piece of property, we can't get the loan amount that we would like? Hmmm? So if we buy a double wide trailer and call it our primary residence but have a 53' Trawler for pleasure, that would work for financing????
The loan company is referring to the Dodd/Frank Bill that was passed and actions taken by the Consumer Financial Protection Bureau after the market crashed.
I would love to hear anyone's 2 cents on this one!