How to Get a Floating Home Loan in Sausalito

Getting a loan on a floating home is nothing like getting a mortgage on a house. The process is different, the lenders are different, and the documents you need are different. But it's absolutely doable — Paul Bergeron has arranged financing for floating home buyers in Sausalito for 40 years. Here's exactly how it works.

Step 1: Confirm What You're Buying

Before you talk to a single lender, you need to know what you're actually financing. Is it a floating home (no propulsion, permanently moored) or a houseboat (self-propelled)? Is the slip owned, leased, or a co-op share? These classifications determine which loan programs apply — and which lenders will even talk to you.

In Sausalito, virtually all dock residences are floating homes rather than houseboats, and virtually all slips are leased rather than owned. That means you're financing personal property (the vessel) while leasing the water space separately.

Step 2: Choose the Right Loan Type

There are four main loan categories for Sausalito floating homes:

• Marine/chattel loans — secured by the vessel as personal property, typically 15–20 year terms, 20–25% down; in Sausalito, arranged through Bank of Marin or a second lender Paul works with directly
• Portfolio loans — held on a community bank or credit union's own books, more flexible underwriting, 15–25 year terms, 20–30% down
• Liveaboard loans — specific products for full-time residents, often with slightly better rates than pure vessel loans
• Private lending — bridge loans or situational financing from private lenders, shorter terms, higher rates, useful when other options don't fit

The right choice depends on your credit score, income, down payment, and the specific home you're buying. See our lender comparison guide for a full breakdown.

Step 3: Get Pre-Qualified (Not Pre-Approved from a Regular Bank)

Don't waste time getting pre-approved at a conventional bank — they won't fund a floating home. Instead, work with a broker who already has active relationships with floating-home lenders. A broker can pre-qualify you across multiple lenders in a single conversation and tell you which ones are most likely to approve your specific scenario.

Step 4: Get a Marine Survey

Every floating home lender requires a marine survey before funding. This is the floating home equivalent of a home inspection — a certified marine surveyor examines the hull, bilge systems, electrical systems, and through-hulls. Budget $1,000–$3,000 for the survey. The results affect both whether you can get the loan and what you can borrow. See our guide to marine survey requirements.

Step 5: Gather Your Documents

Floating home loan applications require more documentation than conventional mortgages because lenders are underwriting an unusual collateral type. You'll need:

• Two years of tax returns and W-2s or 1099s
• Two months of bank statements
• Copy of the slip lease or berth agreement
• Current floating home insurance declaration
• Marine survey report
• NADA or marine appraisal
• Vessel title documentation
• Dock association or HOA documents

See our full floating home loan document checklist.

Step 6: Close — Plan for 30–60 Days

Floating home closings typically take 30–60 days from accepted offer, compared to 20–30 days for a conventional mortgage. The extra time reflects the marine survey turnaround, lender review of the slip lease, and the smaller number of people in the pipeline who know how to process these loans. Working with a broker who has done this dozens of times compresses the timeline significantly.

The One-Person Advantage

Paul Bergeron (DRE #01356345, NMLS #399152) is the only Sausalito broker who writes the purchase offer and arranges the loan. That eliminates the most common failure point in floating home transactions — the gap between what the agent promised and what the lender will actually fund. Call Paul at (415) 332-7539 to start the conversation.