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infoshot

Rv financing as full timers

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I am wanting to get a new camper but how does anyone answer the finance application question of "own or rent your primary home" when you have a Rainbow Drive address? 

 

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Don't you own the home you sleep in, eat and take showers in?

My MH is my main home and is paid for with no mortgage. I do rent the land it is parked on some nights but not all.
But that isn't the question on the finance application. So answer that you own your home.

Unless someone else has the title for it. :)

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Very true. But I understand most lenders are aware that Rainbow Dr is just used for mail. They are looking for a place to repo the RV if the need arises. 

Just curious how others have done it. 

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3 minutes ago, infoshot said:

Just curious how others have done it. 

We did just as Biker56 said.  We owned the RV we lived in fulltime so we checked the "own" box.

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How would you answer the question if you owned a mobile home in a park?  You own the home but are renting the property it sits on.  Same thing if you own your RV and renting space in a campground.

Edited by Lou Schneider

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I have an application in play already and I did check the "own" box. 

I've done this about 6 months ago and the loan guy basically said I need a permanent address and talked me out of the app. Hindsight says he lost the sale by that. 

Thanks everyone. 

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Use a relatives S & B address? We use our son and DIL address with no problems. Did it just this past week.  Our long term CU offered us MUCH more than we needed for new rig.

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Nice thing about our CU they know what we do and have no problem with it.  We paid off the previous RV early,  have excellent credit rating,  debt ratio is excellent.  Only question , "how much do you need"?

 

 

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1 hour ago, rm.w/aview said:

Legal Domicile address, not the mail service address, makes sense to me, along with what you've done by checking "own".

My mail service address IS my legal domicile address.

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3 minutes ago, Big5er said:

My mail service address IS my legal domicile address.

That simplifies things, but in some cases are they different as in using the Escapees Mail Service while the domicile is South Dakota?

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4 hours ago, rm.w/aview said:

That simplifies things, but in some cases are they different as in using the Escapees Mail Service while the domicile is South Dakota?

One would still need an address in SD in order to claim domicile.  The Escapees' mail service in SD provides just that.

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