40+ Questions, Answered

Not through a conventional lender. Most floating homes are legally classified as personal property — not real estate with a permanent foundation — so Fannie Mae, Freddie Mac, and every retail bank that sells to those programs will decline them. In Sausalito, institutional floating home financing runs through two lenders: Bank of Marin and a second lender Paul works with directly. Both max out at $1,000,000. Everything points to calling Paul — he is the in-between who gets you to the right one.

Conventional mortgages are written against real property — land with a permanent foundation and clear land title. A floating home sits on a leased water slip, so it's personal property (a vessel) rather than real property. It fails secondary-market (Fannie/Freddie) underwriting standards on multiple dimensions: no real property, no permanent foundation, no land title, and non-standard valuation. Retail banks that rely on the secondary market for their mortgage business simply can't do these loans.

A floating home is a permanent, non-navigable residential structure moored at a fixed slip and connected to shore utilities. A houseboat can be moved under its own power. Lenders classify them differently: floating homes are personal property or sometimes real property; houseboats are vessels with marine loan products that carry shorter terms and higher rates. Getting the classification right upfront determines which loan programs even apply to your purchase.

Sausalito floating homes have appreciated consistently over 40 years. Fixed supply (BCDC prevents new dock communities), strong Bay Area demand, and a lifestyle that can't be replicated drive consistent price appreciation. The median has roughly tripled since 2000. However, carrying costs are significantly higher than equivalent land homes — slip fees of $1,200–$2,500/month, specialized insurance ($3,000–$6,000/year), and marine maintenance. They work best for owner-occupants who value the lifestyle and the investment together.

BCDC (Bay Conservation and Development Commission) is the California state agency that regulates development in San Francisco Bay. Its longstanding policy against new large-scale floating home communities means Sausalito's supply of approximately 400 slips is fixed and will not meaningfully grow. This supply constraint is a primary structural driver of consistent long-term price appreciation in the Sausalito floating home market.

There are two institutional lenders in this market: Bank of Marin (15–20 year fixed, 20–25% down, best for W-2 borrowers with 700+ credit) and a second lender Paul works with directly (15–25 year fixed, 25–30% down, more flexibility for self-employed borrowers, 680+ credit). Both max out at $1,000,000. For situations that don't fit either — credit challenges, speed requirements — Paul can arrange private bridge financing through his network. See our lender comparison guide.

A chattel loan is secured by personal property — in this case, the floating home as a movable asset (a vessel). The lender takes a lien against the vessel's title rather than a real estate deed of trust. This is in contrast to a conventional mortgage, which is a lien against real property. Chattel loans are originated by lenders who specialize in personal property finance and have the infrastructure to underwrite and hold vessel loans.

A marine loan is a type of chattel financing specifically underwritten for watercraft and vessels. Marine lenders use NADA marine valuation guides and require a marine survey by a certified surveyor. The terms are often used interchangeably for floating homes, but technically a marine loan is a specialized form of chattel lending — with vessel-specific documentation, valuation, and underwriter expertise. See our full comparison article.

A portfolio loan is held on the lender's own balance sheet rather than sold to Fannie Mae, Freddie Mac, or the secondary market. Because the lender keeps the risk, it isn't constrained by secondary-market underwriting guidelines. This allows community banks and credit unions to finance floating homes that conventional lenders won't touch. Portfolio lenders often offer longer terms (up to 25 years) and can be more flexible on income documentation. Access is primarily through established broker relationships.

Private lending is appropriate when: speed is critical (private lenders can close in days); a recent credit event disqualifies you from institutional financing; income documentation is complex; or the property has characteristics that institutional lenders flag. Private loans are short-term (1–3 years), carry higher rates (10–15%+), and require 30–40% down. The most common strategy is a private bridge loan to close, followed by refinancing into a long-term loan once the disqualifying issue is resolved. See our private lending guide.

Start with a broker who specializes in floating home loans — not a conventional bank. A broker with active relationships with floating-home lenders can pre-qualify you across multiple lenders in a single conversation, tell you which programs fit your profile, and tell you what you'll realistically be able to borrow and at what terms before you ever make an offer. See our step-by-step guide.

Income: two years of tax returns and W-2s/1099s, plus recent pay stubs or YTD profit & loss (self-employed). Assets: two to three months of bank statements, investment account statements. Property: marine survey, NADA appraisal, vessel title. Slip: full slip lease, current slip fee statement. HOA: dock association financials, CC&Rs, reserve fund info. Insurance: current liveaboard insurance declaration. See our full document checklist.

Marine and chattel lenders: typically 20–25% down. Portfolio lenders: 25–30% down. Private lenders: 30–40% down. Factors that push the requirement higher include credit scores below 700, steel hulls, short remaining slip lease terms, self-employed income, and high-value homes. On a $700K home, plan for $140K–$210K down plus closing costs and reserves. See our full down payment guide.

Yes — every floating home lender requires a marine survey by a SAMS or NAMS certified marine surveyor. It covers hull condition, bilge systems, through-hulls, electrical (ABYC compliance), and plumbing. Cost: $1,000–$3,000 for an in-water survey. Steel-hull homes may require a haul-out inspection at additional cost ($2,000–$5,000). Schedule the survey as soon as you're in contract — it's the longest-lead item. See our marine survey guide.

Typically 30–60 days from accepted offer, compared to 20–30 days for conventional mortgages. The extra time reflects the marine survey turnaround, lender review of the slip lease and dock association documents, and the specialized underwriting process. An experienced broker who already has the lender relationships and knows what each lender needs can compress this significantly.

Minimum 680–700 at most marine and portfolio lenders. Best rates at 740+. Some portfolio lenders will work with 660 at a higher down payment. Private lenders may work with lower scores at higher rates. Because the lender pool is small and each lender has specific criteria, a broker can identify which ones will work with your credit profile rather than applying broadly and collecting declines.

Two: Bank of Marin and a second lender Paul works with directly. That is the entire institutional market for Sausalito floating home financing. Both hold their loans on their own books (which is what makes floating home financing possible in the first place), both max out at $1,000,000, and both are accessed exclusively through Paul's broker relationship — not via retail walk-in or online application. Paul has worked with both institutions for decades and knows which one fits your specific income, credit, and property situation. See our full lender comparison.

Floating home lenders don't have retail storefront operations for this product. The programs are relationship-driven. Going direct, if you can even find the right contact, means presenting a cold application without the context a broker provides. A broker who has placed dozens of floating home loans knows which lenders have active programs, how to frame your file, and which underwriting criteria you need to meet. That presentation layer dramatically improves approval odds and terms.

Yes, with the right lender. Some portfolio lenders and private lenders work with foreign nationals — typically requiring 30–40% down, larger 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. Call Paul at (415) 332-7539 to discuss your situation.

Floating home rates run 0.5%–1.5% above conventional mortgage rates for equivalent credit profiles. In August 2026, well-qualified borrowers are seeing approximately: marine/chattel loans 7.5%–9.0%; portfolio loans 7.25%–8.5%; private bridge loans 10%–15%+. Rates fluctuate with the broader rate environment. The only way to get a current figure for your specific profile is to have a broker pull quotes simultaneously from multiple lenders. See our 2026 rate comparison.

Marine/chattel loans: typically 15–20 year fixed terms. Portfolio loans: 15–25 years (some portfolio lenders offer 25-year terms, which reduces monthly payment). Private bridge loans: 1–3 years, often interest-only. Most floating home loans are fixed-rate — the ARM products common in conventional mortgages are not widely available in the floating home lending market.

The NMLS (Nationwide Multistate Licensing System) is the licensing system for mortgage loan originators in the United States. Any person or company that originates mortgage or vessel loans must hold an active NMLS license. Paul Bergeron holds NMLS #399152. Working with an NMLS-licensed originator means your loan is originated legally, with full consumer protections required by federal and state law — including disclosures, rate transparency, and anti-discrimination requirements.

Yes. The same lenders that fund floating home purchases — Bank of Marin and a second lender Paul works with directly — will also refinance existing loans. Common reasons to refinance: rate reduction, loan term change, cash-out for renovations, or transitioning from a private bridge loan to permanent financing. The process is similar to a purchase — updated marine survey, income verification, and slip lease review. Timeline: 30–45 days. See our full refinancing guide.

Conventional HELOCs are essentially unavailable on floating homes because they require a real property lien. Alternatives: (1) Cash-out refinance — most practical option, typically up to 70–75% LTV; (2) Private second-position loan — shorter term, higher rate, available from some private lenders without disturbing the first loan; (3) Cross-collateralization with other assets. See our equity access guide.

Consider refinancing when: rates have dropped meaningfully since your original loan; your home has appreciated and you want to access equity; your loan term is maturing; you've moved from a private bridge loan and now qualify for long-term institutional financing; or your credit or income have improved enough to qualify for materially better terms. A broker can model whether a refinance pencils out for your specific loan. Call Paul for a current assessment.

Yes, significantly. Most lenders want at least 5–10 years remaining on the slip lease. A short remaining term, discretionary renewal (no automatic right to renew), broad marina termination rights, or a non-transferable slip can cause lenders to require a lower LTV or decline the loan. The slip lease is often the most important document in the application. Review it with your broker and a real estate attorney before making an offer. See our slip lease guide.

Ferro-cement (concrete) hulls are the most common in Sausalito and the most familiar to lenders — they typically underwrite without additional requirements if the survey is clean. Steel hulls often trigger requests for haul-out inspections (below-waterline survey) and may require additional documentation. Fiberglass hulls are less common in Sausalito's older stock; lenders look for osmotic blistering and delamination. Unusual or unknown hull types require more underwriter review and may limit which lenders will participate.

Liveaboard insurance is specialized coverage for full-time floating home residents, covering the hull, dwelling structure, personal property, liability, and loss of use. Standard homeowner's insurance doesn't cover floating homes on the water. Every floating home lender requires proof of liveaboard insurance as a condition of financing. Annual premiums in Sausalito typically run $3,000–$6,000. Major carriers include Markel, NBOA, and Lloyd's syndicates.

Yes. Lenders increasingly review dock association financials, similar to HOA review for a condo. They look at reserve fund adequacy, pending special assessments, and overall governance health. An underfunded dock association or a large pending assessment can affect both loan approval and terms. Ask for dock association financials from the seller before making an offer — this is standard due diligence.

Paul Bergeron (DRE #01356345, NMLS #399152) is Sausalito's only broker who holds both a California real estate broker's license and a mortgage broker's license. He has lived on the Sausalito docks since 1984, personally owned 20+ floating homes, and closed 50+ floating home transactions. His son Roman Bergeron (DRE #02439924) works alongside him. Because Paul writes the purchase offer and arranges the loan, there's no handoff gap where floating home transactions most often fall apart.

Call Paul directly at (415) 332-7539. Email: paul@paulbergeronrealestate.com. Office: 100 Gate 6½ Road, Sausalito, CA 94965. Roman Bergeron can also be reached at (415) 789-5278. Or use our contact page.

Paul and Roman Bergeron produce floatinghomeliving.com — the definitive guide to Sausalito floating home real estate, with dock-by-dock profiles, market data, a 60+ question FAQ, a glossary, and 35 blog posts on buying, selling, and living on the water. Their primary real estate brokerage is at paulbergeronrealestate.com.