Floating Home loans are different than traditional or conventional mortgages. They are not usually offered by mortgage banks. Instead, you will shop for a floating home mortgage from a credit union or a smaller bank. The interest rates are higher than conventional mortgages. Right now, you can get a conventional mortgage for around 5% if you have excellent credit. Floating home interest rates today range from 7.1% to7.9% depending on the lender and the way you agree to repay the loan (like an automatic deduction from the lender’s bank). The term of the loan will be about 20 to 25 years. You will need a down payment of at least 15% to 20% of the purchase price.  Floating homes are considered ‘personal property’. Never the less, you will enjoy the same benefit of owning a home as other homes; the interest on your mortgage is tax deductible. Cover image courtesy of © Thomas Stankiewicz/Look/age fotostock.