Financing a floating home is different. Work with someone who does both.

Sometimes, but not usually through a conventional lender. Most floating homes are legally classified as personal property or as a vessel rather than as real estate with a permanent foundation, so the big banks that write ordinary home mortgages often decline them.

Floating home financing in Sausalito runs through two lenders: Bank of Marin and a second lender Paul works with directly. Both hold loans on their own books (which makes floating home lending possible), and both max out at $1,000,000. The right fit depends on your credit profile, income type, and property. Paul is the in-between — call him first.

Start with a lender who specializes in floating homes and houseboats rather than a standard bank. You'll generally need documentation of the berth or slip lease, a survey or inspection of the home and its flotation, proof of insurance, and the usual income and credit verification.

Because so few lenders write these loans, the fastest path is to work with a broker like Paul Bergeron who already has relationships with the marine and private lenders that fund floating-home purchases in Sausalito and Marin County.

Conventional mortgages are written against real property with a permanent foundation and clear title to the land. A floating home sits on the water on a leased berth or slip, so it doesn't fit the collateral model that Fannie Mae, Freddie Mac, and most retail banks require.

Lenders also weigh the moving parts unique to floating homes — the flotation system, the age of the hull or concrete float, and the terms of the harbor lease. Specialty lenders price for those factors instead of rejecting the loan outright.

The most common options are marine or chattel loans (secured by the home as personal property), portfolio loans held on a lender's own books, liveaboard loans for owners who reside on the water full time, and private lending arranged through a broker.

Each has different down-payment, term, and rate expectations, and the best fit depends on the specific home and dock. A broker who works this niche can match you to the lender most likely to approve and fund your purchase.

Down-payment requirements for floating homes are generally higher than for a conventional house, because the lender pool is smaller and the collateral is specialized. Expect specialty and private lenders to ask for a larger share down than a typical land-home mortgage, with the exact figure depending on the lender, the home, and the harbor.

Because terms vary so much between lenders, the most reliable way to know what you'll need is to have a broker shop your specific scenario. Ask Paul for a current read on your situation.

Yes. Floating homes can be refinanced to lower a rate, change loan terms, or pull equity — but as with a purchase, you're working within the same small pool of specialty and private lenders.

Whether a refinance makes sense depends on your current loan, the value of the home, and the harbor lease. A broker who arranges floating-home loans can compare your existing terms against what today's lenders will offer.

In Sausalito the terms aren't interchangeable. A floating home is a permanent, non-navigable residence rooted to a berth and connected to shore utilities, while a houseboat can be moved under its own power. That distinction changes how a lender classifies the collateral and which loan programs apply.

Getting the classification right up front is essential to lining up financing, and it's one of the first things a specialist confirms before pointing you to the right lender.

Floating-home financing is a niche inside a niche, and most agents hand the loan off to a lender who has never funded one. Paul Bergeron is the only Sausalito floating-home broker who is also a licensed mortgage broker (DRE #01356345, NMLS #399152), so one person handles both the purchase and the financing.

That means the offer is written with the loan in mind, there's no gap between agent and lender, and the deal is far less likely to fall apart over financing surprises unique to life on the water.

Floating home loan rates are typically 0.5%–1.5% higher than conventional mortgage rates for equivalent credit profiles, reflecting the specialized collateral. Marine chattel loans often run slightly higher than portfolio loans. As of 2026, well-qualified borrowers are seeing rates in the 7%–8.5% range depending on loan type and lender.

Rates fluctuate — the only way to get a current figure is to have a broker pull quotes from multiple lenders simultaneously. Contact Paul for a current read.

The terms are often used interchangeably but have a technical distinction. A chattel loan is secured by personal property (the floating home as a chattel asset) under personal property lending standards. A marine loan is specifically underwritten for vessels — lenders use marine-specific valuation guides (like NADA) and require a marine survey.

For Sausalito floating homes, marine lenders look at hull type, age, condition, and slip lease when underwriting. Both are alternatives to conventional real estate mortgages. See our lender comparison page for more detail.

A portfolio loan is one that a bank or credit union holds on its own books rather than selling to Fannie Mae or Freddie Mac. Because portfolio lenders aren't constrained by secondary-market underwriting guidelines, they can write loans on properties — like floating homes — that don't fit conforming standards.

Several Bay Area community banks and credit unions have active floating home portfolio lending programs with competitive rates and longer terms than marine chattel loans.

Yes, significantly. Lenders review the slip lease as part of underwriting because the security of the mooring directly affects collateral value. A short remaining lease term (under 5 years), unfavorable termination clauses, or steep slip fee escalation can cause lenders to reduce LTV ratios or decline the loan entirely.

Most lenders want to see a slip lease with at least 5–10 years remaining and reasonable renewal provisions. Reviewing the slip lease before committing to a purchase is essential due diligence. See our guide to slip leases and loans.

Yes, virtually all floating home lenders require a marine survey as part of underwriting. The survey assesses hull condition, bilge systems, through-hulls, electrical systems, and flotation integrity. Lenders use survey results to determine whether the collateral meets their underwriting standards.

The survey is conducted by a certified marine surveyor (SAMS or NAMS certified) and typically costs $1,000–$3,000. Some lenders also require a haul-out inspection for steel-hull homes. See our marine survey guide.

It's possible but uncommon. Because floating homes are typically personal property rather than real property, most conventional banks won't lend against them via a HELOC. Access to equity typically comes through a cash-out refinance, private bridge lending, or a portfolio lender who offers equity products for floating-home clients.

The amount you can access depends on current appraised value, existing loan balance, and lender guidelines.

Expect to provide: (1) two years of tax returns and W-2s or 1099s, (2) two months of bank statements, (3) a copy of the slip lease or berth agreement, (4) current floating home insurance declaration, (5) the marine survey report, (6) a NADA or marine appraisal, (7) vessel title documentation, and (8) dock association or HOA documents.

Having these organized before applying significantly speeds up the process. See our full floating home loan checklist.

Most marine and portfolio lenders want a minimum credit score of 680–700, with the best rates reserved for borrowers at 740+. Private lenders may work with lower scores but at higher rates and with larger down payment requirements.

Because the lender pool is small and each lender has specific requirements, it's worth having a broker assess your credit profile before you start shopping — some lenders will work around challenges that others won't.

Floating home closings typically take 30–60 days from accepted offer, compared to 20–30 days for a conventional mortgage. The additional time reflects the need for a marine survey, lender review of the slip lease and dock association documents, and the smaller number of lenders processing the file.

Working with a broker who already has established lender relationships can compress this timeline significantly.

Yes, with the right lender. Some portfolio lenders and private lenders will work with foreign nationals — typically requiring a larger down payment (30–40%), more extensive reserves, and a U.S. bank account and credit history. The documentation requirements are more extensive and the lender pool is narrower.

A broker who has placed foreign national floating-home loans can navigate this efficiently. Ask Paul about your specific situation.

Sausalito floating homes have appreciated consistently over 40 years, driven by fixed supply (BCDC prevents new dock permits), strong Bay Area demand, and an irreplaceable lifestyle. The median price has roughly tripled since 2000. However, they carry higher costs than equivalent land homes — slip fees of $1,200–$2,500/month, specialized insurance, and marine maintenance.

They work best for owner-occupants who value both the lifestyle and the investment. Most docks also have liveaboard requirements that limit pure investor purchases. Visit floatinghomeliving.com for current market data.