There are several lending institutions that are ready and able to finance floating homes. More lenders are becoming available as this is a very viable market. Some credit unions also loan on floating homes. So if you belong to a credit union, it is a good idea to see if they make loans on floating homes.

Lenders usually require 20 to 25 percent down. The lenders will keep the title to the home as collateral, but structure the loans as a consumer, not a real estate loan. Interest rates tend to be slightly higher and usually on a 15 year term, although 20 year terms are becoming more available.

Lenders require a float inspection, where a diver inspects the structure's logs, stringers and flotation devices, to ensure that the foundation will be structurally sound for the term of the loan. Lenders will also require a market appraisal to be done on the floating home itself

Each floating home comes with a title, but not a land deed.

It takes a few extra steps to live on the water, but the lifestyle is well worth it.

Information on Mortgages

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