Address & Financing

prodeville wrote:
I'm researching life in an RV full time.
I've been getting a lot of information from this forum that has been very helpful.
The other day I was at the RV dealer and he told me that I should purchased a RV before I sell my house because the finance companies won't do the loan if I don't have a fixed residence. My plan is to use some of the proceeds from the sale of my home as a down payment for the rig. So how do I get around this? My plan was to use one of those mail services as an address? Has anyone experienced this hurdle before or was the salesman trying to get me to buy right now?

Bank software is sophisticated enough to recognize mail forwarding services and addresses such as those provided by Escapees. Residency is but one factor banks use to determine whether or not they are going to approve a loan. It may not automatically disqualify you from obtaining financing, but it will lower the bank's internal score which they use to ultimately determine who qualifies and who does not.