Last reviewed October 18, 2026 by Sean McConnell, Team Leader, McConnell Group
Can you get a mortgage on a floating home?
Yes, from a handful of portfolio lenders. Fannie Mae will not buy a loan on a houseboat, so these loans come from banks that keep them on their own books and set their own terms. A standard pre-approval will not carry over. You need one written specifically for floating homes or houseboats.
Real property vs chattel (personal property) loans: what's the difference?
The difference is what you own. On a co-op dock, the home is personal property and you hold a membership share in the co-op. A condo moorage includes an owned slip plus a shared interest in the dock. Houseboats are financed more like boat or consumer loans. Confirm with your lender and the escrow or title company.
Which lenders finance floating homes in Seattle?
A short list of local banks and credit unions publish floating home programs, and their terms change.
- Banner Bank: publishes a floating home loan program. Source: Banner Bank: Floating Home Loans
- Sound Community Bank: publishes floating home loans on Lake Washington, Lake Union and Portage Bay. Source: Sound Community Bank: Floating Home Loans
- Pacific Crest Bank: finances floating homes on co-op and condo moorages on Lake Union and Portage Bay. Source: Pacific Crest Bank: Financing Solutions
- CrossCountry Mortgage and Portage Bank: named on Lake Life Seattle's floating home lender list. Source: Lake Life Seattle: Floating Home Lenders
- Seattle Credit Union: lists floating homes among the property types it finances. Source: Seattle Credit Union: Buy a Home
Per lender websites and Lake Life Seattle, October 2026. Confirm current terms directly.
How much down payment do you need?
It depends on the lender. Banner Bank publishes a minimum of 20% down on floating home purchases, for owner-occupied homes only. Other lenders set their own rules, and those rules change. Ask each lender for their current minimum and whether jumbo amounts are available.
Can you finance a houseboat (FOWR), house barge or liveaboard?
Options are limited, and many houseboat buyers pay cash. For house barges and vessels with dwelling units, ask lenders directly and expect more declines than approvals.
Rates context
I don't quote lender rates. Floating home and houseboat loans are priced by each lender and can differ from regular mortgages. For context only, here is the Freddie Mac national average.
National average for conventional loans. Not a floating home quote.
30-year fixed, national average
7.40%
15-year fixed, national average
6.71%
Freddie Mac weekly survey, Oct 15, 2026. Conventional, conforming loans with 20% down.
What lenders ask for
Expect more paperwork than a house on land, starting with a pre-approval written for floating homes.
Cash and seller financing
Some listings offer seller financing, so ask about the rate, term and down payment if you see it. Many houseboat buyers pay cash because loans are so limited.
FAQ
Not a loan offer. McConnell Group is not a lender.
Add up your own monthly number
Loan, dues, insurance, taxes and upkeep in one place.