Yacht Captain Mortgages

Yacht captain mortgage from a lender who reads STCW Master credentials and Cayman-flagged W-2s.

Yacht captains carry the most complex mortgage file of any yacht profession: a six-figure command-tier income, an STCW Master 200/500/1600/3000 endorsement from the USCG or an MCA OOW 3000 ticket, dual citizenship implications, charter command bonuses tied to vessel revenue, sole responsibility for vessel and crew that translates to a 24/7 working pattern even off rotation, and a W-2 frequently issued by a foreign management company on behalf of a beneficial owner. Generalist lenders see the foreign-flagged pay, the seasonal income, the dual passport, and they decline the file. We read the Master endorsement, the Seafarer Employment Agreement, the charter-management agreement, the FEIE filing, and the rotation pattern — and we qualify you on what you actually command.

Talk to Our Team See how qualifying works

Broker NMLS #1072866 · Specialist in maritime command-tier & foreign-flagged income mortgages

$94K

BLS captains-mates-pilots median (yacht masters far higher)

1,440

Days of sea time required for USCG Master Less Than 1600

Income-qualification methods for yacht-captain pay

Specialist who reads your Master endorsement before we quote

Stairway Mortgage qualifies yacht captains on the income they actually command at sea — not on the W-2 line a U.S. underwriter is trained to read. A Master on a 50m motor yacht with a $220K Cayman-flagged W-2 plus charter bonus, a relief captain rotating across three vessels in a management company portfolio, a sailing captain with an MCA OOW 3000 ticket transitioning from European to Caribbean season, and a port captain shifting from sea command to shore-based fleet management each get qualified using the method that fits their pay structure. We pick the right door before we quote. Or skip ahead: browse every loan program, run numbers on 100+ mortgage calculators, or check today's rates. For the parent hub and other yacht professions, see our yacht professionals mortgage hub.

01 · Yacht captain mortgage at a glance

Key facts every yacht captain should know before applying for a mortgage.

$94,030

BLS 2024 median annual wage for captains, mates & pilots of water vessels. Mean is $98K. Top 10% earn $160K+. Yacht captains on 50m+ vessels routinely earn $200K–$400K with charter bonuses. Source: BLS Water Transportation Occupations.

200/500/1600/3000

USCG Master endorsement tonnage tiers (GRT). Most yacht captains start at Master 200 or 500 and progress to 1600 (or STCW 3000 GT under international rules). The USCG National Maritime Center issues these endorsements.

1,440 days

Total sea time required for USCG Master Less Than 1600 GRT (4 years equivalent), of which 720 days must be on vessels over 100 GRT and 720 days as master/mate (or towing vessels equivalent). MCA OOW 3000 follows a parallel progression with comparable sea-time totals.

FBAR + 8938

U.S. citizen captains paid into foreign accounts must file FinCEN 114 (FBAR) and IRS Form 8938. The filings don’t affect mortgage qualification directly but signal a multi-jurisdiction tax picture that generalist lenders mis-read.

02 · Where you are in your command career

Yacht captain mortgage solutions for every career stage.

Each command tier has its own qualifying logic. A new OUPV / Master 100 captain has a different mortgage strategy than a Master 3000 GT on a 70m+ vessel.

Entry: OUPV / Master 100

"I just got my 6-pack. Running day charters out of Pompano on a 50-footer."

OUPV 6-pack or Master 100 GRT, day-charter and crewed-yacht operations
$60K–$110K typical pay range, often U.S.-flagged charter vessels
First-time-buyer FHA or conventional 5% down realistic
South Florida starter-home market the dominant purchase target

See entry-level qualification mechanics

Mid-career: Master 200 / 500 GRT

"Master 500. Captain on a 35m motor yacht doing Bahamas charters."

USCG Master 200 or 500 GRT with STCW endorsement
$100K–$180K typical pay range with rotation and charter bonus
Conventional and Non-QM bank-statement both viable
Charter-bonus income qualified under Fannie Mae variable-income rules

See mid-career qualification mechanics

Senior: Master 1600 GRT

"Master 1600. Captain on a 50m motor yacht, foreign-flagged, dual passport."

USCG Master 1600 GRT or MCA OOW 3000 / Master Yachts 3000
$180K–$280K typical pay range, foreign-flagged W-2
Foreign Earned Income Exclusion (FEIE) treatment via Form 2555
Jumbo loan territory in South Florida coastal market

See senior qualification mechanics

Top tier: Master 3000 GT / Unlimited

"Captain on a 80m+. STCW Master 3000 with ocean endorsement. Multi-currency pay."

USCG Master 3000 GT / Unlimited or MCA Master 3000 Yachts
$250K–$500K+ typical pay range with charter command bonus
Asset-depletion eligible with multi-year rotation savings
Super-jumbo and portfolio-lender private-bank relationships

See top-tier qualification mechanics

Shore-based: Port Captain / Fleet

"Off rotation. Running fleet operations for a yacht management company."

Sea-to-shore transition into port captain, fleet manager, or broker role
W-2 from management company or 1099 consulting with multiple vessels
Bank-statement Non-QM during two-year self-employment ramp
Capital from prior rotation savings deployed as down-payment

See transition qualification mechanics

03 · The qualification mechanics

How we calculate qualifying income for your yacht captain mortgage.

Four methods cover almost every yacht captain file we’ve closed. The right method depends on whether your W-2 is U.S.-issued, foreign-flagged, supplemented with charter bonus, or routed through a management company.

Method 1 — U.S.-flagged W-2 with charter-bonus averaging

The cleanest case at the entry-to-mid tier. You hold a Master 100 or Master 200/500 endorsement and command a U.S.-flagged charter yacht (commonly out of Fort Lauderdale, Miami, or Palm Beach). The W-2 reports base salary plus charter bonus. Under Fannie Mae Selling Guide B3-3.1-01, variable income with a two-year history qualifies on the average. Charter bonus isn’t treated as instability — it’s a documented commission-style pay structure tied to vessel revenue. If the bonus has been steady year-over-year, this method produces the highest qualifying number with the cleanest documentation.

Method 2 — Foreign-flagged W-2 with tax-treaty & FEIE documentation

The dominant pattern at the senior level. A vessel registered in the Cayman Islands, Marshall Islands, Malta, Isle of Man, or Bermuda pays the captain via a foreign payroll provider. You receive a W-2-equivalent statement (a true W-2 if the management company is U.S.-domiciled, a payroll certificate otherwise). U.S.-citizen captains report this income on the 1040 and often claim the Foreign Earned Income Exclusion (Form 2555). The exclusion reduces taxable income but the gross wages still appear on the return — that gross is the qualifying number we use, not the post-exclusion AGI. We coordinate with your maritime CPA to document this correctly.

Method 3 — Bank-statement (Non-QM) for charter command bonuses

When the captain’s pay is heavily charter-bonus weighted, when the bonus is paid in multiple tranches across different management companies during a season, or when a chunk of the pay arrives as a tip pool distribution after each charter, Non-QM bank-statement underwriting is the practical path. CFPB Reg Z’s Ability-to-Repay rule permits non-QM lending with documented compensating factors. We qualify on 12 or 24 months of personal bank deposits with an expense-ratio adjustment (typically 50–75% of deposits count). The resulting number routinely beats the 1040 AGI for charter-heavy captains who used FEIE aggressively.

Method 4 — Loan-out S-corp for relief captains and fleet command

Some senior captains (typically Master 3000 GT holders who relief across multiple vessels in a management company portfolio, or port captains running fleet operations) operate through a U.S. S-corp loan-out structure. The S-corp contracts with vessel management companies, receives gross fees, pays the captain a W-2 salary, and distributes the remainder. Under Fannie Mae Selling Guide B3-3.4-02, S-corp distributions count as qualifying income with a two-year history. We pull Form 1120-S, the K-1, and the personal 1040, and use both the W-2 and the distribution.

04 · What generalist underwriting misses

The income most lenders refuse to count on a yacht captain file.

Six income components that show up consistently on yacht captain files and that generalist lenders typically either ignore or mis-categorize. Each one is documentable; the lender just has to know what to ask for.

Charter command bonus

On charter vessels, the captain receives a command bonus tied to charter revenue — often 1–3% of charter fees. On a 50m vessel chartering 12 weeks at $250K/week, that’s $30K–$90K of bonus income per season. The bonus shows on the W-2 as additional wages. Fannie Mae B3-3.1-01 permits including it in qualifying income with a two-year history. Generalist lenders treat it as a one-off and exclude it. We document the management-company agreement.

Charter gratuities (captain’s share of tip pool)

The captain receives the largest single share of the charter tip pool — typically 1.5–2.0 shares of the standard crew share. On a 70m vessel with $400K/week charter, captain’s annual tip income can be $40K–$120K. IRS tip-reporting rules require declared tips. With a two-year history of declared tips, this qualifies as additional W-2 wages.

Foreign Earned Income Exclusion handling

U.S.-citizen captains on foreign-flagged vessels who spent 330+ days outside the U.S. claim the FEIE on Form 2555, currently $126,500 for 2024. This reduces taxable income to near zero on a $250K gross. Generalist lenders see the low AGI and decline. We use the gross wages from Form 2555 line 19 as the qualifying income, not the post-exclusion AGI.

Dual-passport & non-U.S. residency complications

Many superyacht captains hold dual citizenship (U.S. + UK is common) and may file as Bona Fide Residents abroad rather than under the FEIE physical presence test. Captains filing as bona fide non-U.S. residents have a different reporting structure that confuses generalist underwriting. We coordinate with the captain’s international-tax CPA so the lender sees a consistent, documented income picture.

Multi-vessel relief command income

Some senior captains relieve across multiple vessels in a management company’s portfolio — covering for full-time masters during their off-rotation, or running delivery voyages between charter seasons. This generates 1099 or short-period W-2 income from multiple sources in a year. Underwriters used to clean single-employer W-2s often treat this as job instability when it’s actually the normal structure of senior relief command.

Vessel-purchase consulting fees

Captains advising owners on vessel purchases (yacht surveys, refit project management, new-build delivery) receive consulting fees that show as 1099 income on Schedule C. These fees can be $20K–$80K per project for senior captains. With two years of consulting history, the income qualifies as supplemental self-employment income alongside the primary captain’s W-2.

05 · Match the program to the command tier

Which loan program fits your yacht captain mortgage situation.

Seven loan-program categories cover essentially every yacht captain purchase or refinance we’ve closed. Each has a clear best-fit command tier.

Conventional (Fannie Mae / Freddie Mac)

U.S.-flagged W-2 captains with two-year history
5–20% down, no PMI above 20% down
Loan limits up to $766,550 (FL conforming) for 2024-25

Best for: Method 1 (U.S.-flagged W-2)

FHA

Entry-tier captains building first two-year W-2 history
3.5% down with credit score 580+
Loan limits up to $498,257 (FL low-cost area) for 2024

Best for: OUPV / Master 100 career stage

VA Loan

Captains with U.S. military service (USCG, Navy, USMM common)
0% down, no PMI, competitive rates
No loan limit for fully-entitled veterans

Best for: USCG & Navy transition captains

Jumbo

Senior captains on 50m+ vessels in South FL coastal market
10–20% down typical, super-jumbo above $2M
Rate often within 0.25% of conforming for clean files

Best for: Master 1600 / 3000 GT captains

Non-QM Bank-Statement

Foreign-flagged W-2 with FEIE-reduced AGI
12 or 24 months of personal deposits at 50–75% counting
Rate 0.5–1.0% higher than conforming

Best for: Method 3 (charter-heavy foreign pay)

1099-Only / Asset-Depletion

Relief captains with multi-vessel 1099 income
Asset-depletion for rotation savers with $500K+ liquid reserves
Specialty Non-QM lenders only

Best for: Multi-vessel relief command

Portfolio / Private Bank

Top-tier captains with $1M+ in liquid reserves
Custom underwriting, relationship-driven
Often paired with a private banking relationship

Best for: Master 3000 / Unlimited tier

06 · Why this mortgage is harder than it should be

The yacht captain mortgage in context: 6 forces shaping how captains qualify.

The reason a generalist lender struggles with a yacht captain file isn’t laziness. It’s that command-tier maritime employment sits at the intersection of multiple specialized regulatory and tax systems — USCG credentialing, UK MCA training, IMO STCW Convention, foreign vessel registries, charter-management agreements, dual-citizenship taxation — that don’t map cleanly onto standard W-2 underwriting.

Force 1 — USCG Master endorsement tonnage ladder

The U.S. Coast Guard issues Master endorsements at specific tonnage tiers under 46 CFR Part 11: Master 100, Master 200/500, Master 1600 (less than 1600 GRT / 3000 GT), and Master Unlimited. Each tier requires specific sea-time service and limited examinations. Captains progress through the ladder as they accumulate command time on progressively larger vessels.

Force 2 — STCW Convention & international watchkeeping

The International Maritime Organization’s Standards of Training, Certification and Watchkeeping (STCW) Convention sets the global minimum standards for marine command credentials. USCG Master endorsements above 500 GRT include STCW endorsement that allows international voyages. Master 3000 GT is the global standard for senior superyacht command.

Force 3 — UK MCA OOW / Master Yachts parallel pathway

UK-trained captains follow the MCA pathway: OOW Yachts 3000 (Officer of the Watch) → Chief Mate Yachts 3000 → Master Yachts 3000 (or unlimited). Many U.S.-resident captains hold both USCG Master and MCA Master tickets to maximize hireability across U.S.- and foreign-flagged vessels. The two credential systems are parallel under STCW.

Force 4 — Charter-management agreements & vessel revenue

Charter yachts typically operate under a charter-management agreement (CMA) between the beneficial owner and a charter management company (Burgess, Camper & Nicholsons, Northrop & Johnson, IYC, Y.CO, etc.). The captain often signs an SEA with the management company, not directly with the owner. The CMA defines charter bonus structure, vessel maintenance budget authority, and chain of command. This document is central to understanding the captain’s real comp.

Force 5 — South Florida market concentration

Fort Lauderdale is the U.S. center of yacht command employment, with the largest concentration of MCA- and USCG-approved training schools (Maritime Professional Training, International Yacht Training Worldwide, etc.), the densest marina infrastructure for vessels in the 30–100m range, and the easiest access to Caribbean charter season. Roughly 60% of our yacht captain mortgages are on South Florida properties.

Force 6 — Sea-to-shore career inflection points

Captains typically command at sea for 15–25 years before transitioning to shore-based roles — port captain, fleet manager, charter broker, yacht broker, or owner’s representative. The transition year is messy: rotation income drops, consulting 1099s ramp slowly, and the captain may take a year of lower W-2 income before shore-based income stabilizes. Timing the personal mortgage around this transition matters.

07 · The mortgage shifts as your command ticket shifts

Yacht captain mortgage by career stage.

A timeline view of how the right mortgage program changes as you advance from OUPV/Master 100 entry to Master 3000 GT.

Years 1–3

OUPV / Master 100 entry tier

Pay range: $55K–$95K. Typical role: Day-charter captain, owner-operator on vessels under 100 GRT. Dominant qualifying method: U.S.-flagged W-2 with first-time-buyer FHA or conventional 5% down. Common purchase: South Florida starter home, $250K–$500K. Watch-out: first two years often lack stable W-2 history if rotating between vessels.

Years 3–7

Master 200 / 500 GRT

Pay range: $100K–$180K with rotation & charter bonus. Typical role: Captain on 25–40m vessels in charter or private use. Dominant qualifying method: Conventional with variable-income averaging across two W-2s plus documented charter bonus. Common purchase: $450K–$800K South Florida single-family or townhouse. Watch-out: first foreign-flagged W-2 typically appears at the upper end of this stage.

Years 7–15

Master 1600 GRT / MCA OOW-Master 3000 Yachts

Pay range: $180K–$300K with rotation. Typical role: Captain on 40–70m vessels, often foreign-flagged. Dominant qualifying method: Conventional or jumbo with foreign-flagged W-2 plus FEIE Form 2555 documentation; bank-statement Non-QM if FEIE-reduced AGI is too low. Common purchase: $800K–$1.6M South Florida coastal or waterfront. Watch-out: FEIE / qualifying-income disconnect is the most common decline reason at this stage.

Years 15+

Master 3000 GT / Unlimited — or shore-based transition

Pay range: $250K–$500K+ active command; or shore-based at $150K–$350K. Typical role: Captain on 70m+ vessels, port captain, fleet manager, or yacht-management consultancy. Dominant qualifying method: Jumbo, super-jumbo, asset-depletion, or loan-out S-corp distribution. Common purchase: $1.5M–$4M+ South Florida waterfront, often with a boat slip. Watch-out: sea-to-shore transition timing — close before income drops during the consultancy ramp.

08 · What yacht captains say

What yacht captains say about their Stairway yacht captain mortgage.

Names abbreviated for client privacy. Vessel and management-company names anonymized. Numbers are real.

"Master 1600. Captain on a 55m foreign-flagged, paid by a Cayman management company. My 1040 showed $48K after FEIE. Two lenders declined. Jim’s team used the Form 2555 line 19 gross plus bank statements. Approved at $1.4M."

William T.

Captain · 55m motor yacht · Fort Lauderdale

"Master 500. Running a 35m sailing charter out of the Caribbean season. Two-year average of base plus charter bonus gave me a clean conventional file. Closed on a Wilton Manors single-family in 26 days."

Annika L.

Captain · 35m sailing yacht · Wilton Manors

"Came off rotation after 18 years at sea. Started running fleet ops for a yacht management company. Transition year is messy — W-2 plus 1099 plus consulting. Jim ran it through bank-statement until my new W-2 had 12 months of history."

Hugo M.

Shore-based fleet manager · Fort Lauderdale

09 · Yacht captain mortgage FAQs

Yacht captain mortgage questions, answered.

More yacht captain mortgage resources at Stairway

Can a yacht captain with only one year of W-2 history qualify for a mortgage?

Yes, in specific paths. FHA allows qualification with 12 months of W-2 history if the income is stable and the credit profile is clean. Conventional Fannie Mae requires two years of variable-income history but accepts one year if your prior employment was in a related maritime role (mate to master transition counts as same field). The first-year barrier is real but not absolute.

How does the Foreign Earned Income Exclusion affect my mortgage qualification?

FEIE reduces your taxable income on Form 1040 line 8 but doesn’t reduce the gross wages on your W-2 or Form 2555 line 19. Generalist lenders look at the AGI and decline. We use the gross wages from line 19 as the qualifying income. If you earned $240K gross and excluded $126,500, the qualifying income is $240K — not $113,500. This single rule swings $600K+ in qualifying loan amount for foreign-flagged captains.

My W-2 comes from a Cayman Islands or Marshall Islands management company. Will lenders accept it?

Yes, with the right lender. Foreign-issued W-2s are accepted under both conventional and Non-QM programs as long as the income is documented through the underlying SEA, the management company can verify employment, and the captain’s U.S. tax filings reconcile. Cayman, Marshall Islands, Malta, Isle of Man, and Bermuda are all common; we’ve closed loans with captains paid from each.

What is the difference between USCG Master 1600 and STCW Master 3000 GT?

USCG Master 1600 is the national endorsement permitting command of self-propelled vessels less than 1600 GRT. STCW endorsement (per IMO STCW Convention) is the international qualifier permitting command on international voyages, typically attached to Master 500 or higher. Master 3000 GT is the upper international tier for superyacht command. For mortgage purposes, all are STCW-compliant and treated equivalently by underwriters familiar with maritime files.

How is rotational pay treated for qualifying income?

Under Fannie Mae B3-3.1-01, variable income with a two-year history is averaged across the period. Rotation isn’t treated as instability — it’s a known pattern. We document the rotation schedule via the SEA and use the annual W-2 totals as the average.

Do FBAR and FinCEN 114 filings affect my mortgage approval?

Not directly. The filings themselves are informational and don’t change DTI or qualifying income. They signal a multi-jurisdiction tax picture, and an underwriter unfamiliar with maritime files may incorrectly treat foreign accounts as undisclosed assets. We document foreign-account holdings up front so there are no surprises in underwriting.

Can I count my charter command bonus and tip pool?

Yes, both, with declared-tip documentation and a two-year history. The charter bonus shows on the W-2 as wages. Tip pool income falls under IRS tip-reporting rules on Form 4137 or as W-2 wages. With two years of declared history, both qualify as variable income. Undeclared tips can’t be used.

How does my Master endorsement tier impact mortgage rates?

It doesn’t affect the rate directly. The credential demonstrates skill-level continuity that strengthens the qualifying-income narrative. A captain holding Master 3000 GT with STCW endorsement documents a command-tier earning trajectory; an underwriter who understands the credential is more likely to use trailing-12-month income rather than two-year average when income has been growing.

I have USCG or Navy service. Does that help?

Significantly. Veterans qualify for VA loans with 0% down and no PMI, often saving $300–$500/month versus conventional financing. Many USCG and Navy bridge-watch veterans transition directly into yacht command, leveraging their service for the deck-officer pathway. We document service through the DD-214 and Certificate of Eligibility.

What if I command across two management companies in one year?

Common pattern — a captain leaves one vessel mid-season for a better posting. The two W-2s aggregate cleanly if both jobs are in the same command tier (e.g., Master 500 to Master 500). If one is a promotion (Master 500 to Master 1600), we’d typically use the trailing-12 from the higher-tier position once a 60–90-day pay history is established.

Is asset-depletion a realistic path for yacht captains?

Yes, at the senior level. Captains who’ve banked $500K–$1.5M+ in liquid reserves from rotation savings can use asset-depletion underwriting, which converts the asset base into implied monthly income. Fannie Mae B3-3.1-09 covers the "other sources of income" pathways; specialty Non-QM lenders extend it further for captains with significant portfolio assets.

My SEA pays in euros. How is the currency conversion handled?

For U.S. tax purposes, the IRS publishes annual average exchange rates that apply to Form 2555 and the 1040. The same rates carry into mortgage qualification — the lender converts the foreign-currency wages to USD using the IRS rate for the year. For trailing-12-month income, we use a blended rate based on the actual pay periods.

Can I qualify while I’m off-rotation?

Yes. Off-rotation is part of your command structure, not unemployment. The W-2 reports total annual wages including off-rotation months. Lenders qualify on the annualized number, not the snapshot of any given month.

What is the difference between OOW Yachts, Chief Mate Yachts, and Master Yachts under MCA?

OOW (Officer of the Watch) Yachts 3000 is the entry deck-officer qualification permitting watch-standing on vessels up to 3000 GT. Chief Mate Yachts 3000 is the senior deck-officer qualification, second in command. Master Yachts 3000 (or unlimited) is full command authority. The progression takes 5–10 years of sea time plus the MCA training course modules. Mortgage qualification mechanics are identical to the parallel USCG Master ladder.

Do I need to be in the U.S. when I apply for a mortgage?

No. Closing remotely is standard for yacht-captain mortgages — many of our clients close from a marina in the Med, Caribbean, or Asia. Mobile notary, e-signature where state law permits, and FedEx’d documents all work. We coordinate timing around your rotation schedule.

How much do I really need for a down payment as a yacht captain?

Depends on the program. FHA: 3.5%. Conventional: 5% with PMI, 20% without. Jumbo: typically 10–20%. Non-QM bank-statement: 15–25%. VA: 0%. Many captains have substantial liquid reserves from rotation savings and often choose 20% conventional to avoid PMI even when 5% is allowed.

Does my Master endorsement training cost factor into qualifying?

Indirectly. Training costs (MCA courses, USCG REC exam fees, STCW course modules) aren’t debt unless financed; if paid in cash, they reduce reserves. If your vessel reimbursed training costs through wages, that’s included in the W-2 and we exclude it from recurring-income calculations.

Can I buy a primary residence and a rental property simultaneously?

Yes, if reserves and DTI permit. Many captains use rotation savings to buy a primary residence in South Florida and a rental property (often a condo near a marina that generates short-term-rental income during their on-rotation months). The rental property qualifies under DSCR Non-QM rules, which don’t affect personal DTI.

What happens if I lose my Master endorsement or fail a renewal?

USCG and MCA credentials renew every five years with continued seagoing service or refresher training. Loss of credential affects employability immediately. The mortgage doesn’t care about the credential per se — it cares about continuing income. Credential loss that causes a pay drop affects future refinancing but not an existing mortgage.

Are there mortgage programs specifically for maritime command professionals?

No dedicated "yacht captain" mortgage program exists the way "physician loan" programs do. But conventional, jumbo, Non-QM bank-statement, and asset-depletion programs all accept yacht captain files when documented correctly. The specialty is in the broker who reads the file.

My spouse is also yacht crew. Can we combine incomes?

Yes. Co-borrower files combine W-2s, bonuses, and qualifying income from both partners. Captain-plus-Chief-Stew or Captain-plus-Engineer households are common, and combined incomes routinely support $1.5M+ purchases. We document both SEAs.

How is the Charter Management Agreement (CMA) used in mortgage underwriting?

The CMA documents the relationship between the captain, vessel, charter management company, and beneficial owner. We use it to verify the captain’s authority structure, charter bonus formula, and chain of command. Most CMAs are confidential between the parties; we work with redacted versions that show pay-relevant terms without disclosing owner identity.

Can I use my rotation savings as a down payment without seasoning?

Yes, with documentation of the source. Lenders require 60–90 days of "seasoning" for down-payment funds. Rotation savings that have been accumulating for years pass seasoning trivially. New large deposits (e.g., a $80K charter command bonus that just hit) require explanation.

What loan amount can I qualify for at $220K of yacht captain income?

Rough estimate: at 43% DTI and current rates, $220K gross income supports a total monthly housing payment of roughly $7,800 (less if you have other debts). That maps to a $900K–$1.15M mortgage depending on rate, taxes, insurance, and PMI. We model your specific scenario in the 20-minute consult.

When should I start the mortgage conversation relative to a home purchase?

Ideally 30–60 days before you intend to make an offer. Yacht captain files take longer to underwrite than W-2 desk-job files because of the foreign-flagged pay, FEIE, charter bonus, and credential documentation requirements. Starting early prevents close-of-escrow surprises. We can run a soft pre-approval before you’re even house-hunting.

10 · Companion guides & calculators

More on yacht captain mortgage, certification, and homeownership.

Other yacht professional guides

Loan-program details

Calculators

11 · Sources & further reading

Sources & further reading.

BLS occupational wage data

USCG Merchant Mariner Credentials

MCA & UK maritime credentials

IMO & international maritime standards

IRS & foreign-income tax guidance

Mortgage program guidelines

12 · What "right door first" looks like

Yacht captain mortgage, structured right.

Master 1600 captain, 14 years at sea, commanding a 55m motor yacht under a Cayman flag, $240K gross W-2 plus a $40K charter command bonus and tip pool share. His 1040 line 8 showed $51,000 after FEIE. Two big-bank lenders read the AGI, ignored Form 2555, and declined. We pulled Form 2555 line 19 showing the $240K gross wages, documented the SEA, the charter management agreement, and two-year charter bonus history, used the gross + bonus as qualifying income under Fannie Mae B3-3.1-01, and routed the file to a lender comfortable with command-tier maritime files. Approved at $1.4M. Closed on a Fort Lauderdale waterfront in 34 days. The right loan program existed the whole time — the first two lenders just didn’t know how to read the file.

Set of house keys on a wooden table at closing

34-day close · Fort Lauderdale, FL

Talk to a yacht-captain mortgage specialist

Get a yacht captain mortgage from a lender who understands yacht captain pay.

No application. No credit pull. A 20-minute conversation where we look at your SEA, your Master endorsement, your tax structure, and your goal — then we tell you which loan program fits and roughly what the numbers look like. If we’re not the right shop, we’ll tell you that too.

Talk to Our Team Back to the yacht professionals hub

Stairway Mortgage is a division of NEXA Mortgage LLC. Jim Blackburn NMLS #1072866.