Yacht Professionals · Yacht Crew

Mortgages for Florida yacht crew — chief stewardesses + pursers, stewards + stewardesses, deckhands, bosuns, and multi-role charter crew — qualifying on base salary + tips + leave pay + sometimes 1099 contract + FEIE foreign earned income exclusion with multi-source synthesis.

Florida yacht crew operate aboard private + charter superyachts (typically 80ft to 300ft+) under MCA (Maritime and Coastguard Agency) STCW (Standards of Training, Certification and Watchkeeping) certification requirements + USCG Merchant Mariner Credential (MMC) for U.S.-flagged vessels + foreign-flagged vessel documentation (Cayman + Bermuda + Marshall Islands + Bahamas flags common). Multi-source compensation structure including base salary + tips (often substantial 10-15% of charter rate distributed to crew on charter vessels) + leave pay + longevity bonuses + sometimes 1099 contract supplementary work + live-aboard accommodation (no rent/housing expense reducing personal cost-of-living substantially). Florida yacht crew practice spans five primary categories: Chief Stewardess / Purser senior interior management position with $75K-$110K base salary + substantial tips ($25K-$60K+ annually on busy charter vessels) + leave pay + longevity bonus, total compensation $110K-$185K+ for senior chief stew/purser on 100ft+ charter superyacht; Stewardess / Steward mid-level interior position with $52K-$75K base salary + tips ($15K-$35K+) + leave pay, total $75K-$120K+ depending on vessel + charter activity; Deckhand entry-to-mid level deck position with $45K-$62K base salary + tips ($12K-$28K+) + leave pay, total $58K-$95K+ depending on vessel size + experience; Bosun senior deck position responsible for deck operations + crew management with $68K-$95K base salary + tips ($20K-$45K+) + leave pay + longevity bonus, total $95K-$145K+ for senior bosun on large charter superyacht; Multi-Role Charter Crew on smaller crewed charter vessels (60-100ft) covering multiple roles (deck + interior + sometimes engineering + tender operations) with $55K-$85K base + tips + sometimes profit-share, total $75K-$135K. Foreign-flagged vessel employment frequent with substantial Foreign Earned Income Exclusion (FEIE) IRC Section 911 opportunity shielding up to ~$126K (2024 indexed) of foreign earned income from U.S. federal income tax for qualifying crew meeting physical presence or bona fide residence tests. For mortgage qualifying, multi-source yacht crew income synthesizes under Fannie Mae B3-3.1-01 for W-2 base + tips with 24-month averaging when documented, B3-3.2-01 for 1099 contract crew, and Bank Statement Non-QM for foreign employer + foreign-flagged vessel crew without traditional U.S. W-2 / 1099 documentation. Stairway Mortgage routinely handles Florida yacht crew mortgages with tips income documentation + FEIE foreign income synthesis + foreign-flagged vessel employer + Bank Statement Non-QM + Florida yachting industry context.

Schedule a call with Jim See yacht crew roles

Broker NMLS #1072866· FL mortgage broker specializing in yacht crew multi-source: base + tips + leave pay + 1099 + FEIE + foreign-flagged employer + MCA STCW + USCG MMC

$58K-$185K+ income

Yacht crew income $58K (entry deckhand) to $185K+ (chief stew/purser senior charter). Multi-source base + tips + leave pay + sometimes 1099 + FEIE foreign earned income exclusion. MCA STCW + USCG MMC credentialing

Live-aboard advantage

Live-aboard accommodation eliminates rent + utilities + food expense ($25K-$45K annual personal cost reduction). Substantial savings rate supporting down payment + investment capacity. No traditional shore-based residence required

FEIE Section 911

IRC Section 911 FEIE shields ~$126K (2024 indexed) foreign earned income from US federal income tax for qualifying crew on foreign-flagged vessels meeting physical presence or bona fide residence tests

Tips income substantial

Tips on charter vessels often substantial 10-15% of charter rate distributed to crew. $25K-$60K+ annual tips for senior chief stew on busy charter superyacht. Tips documentation critical for qualifying purposes

Florida yacht crew operate at the intersection of multi-source compensation (base + tips + leave pay), MCA STCW + USCG MMC professional credentialing, foreign-flagged vessel employment with FEIE Section 911 tax opportunity, live-aboard accommodation reducing personal cost-of-living substantially, and Florida no-state-income-tax + South Florida yachting capital concentration. Florida yacht crew practice spans five primary categories. Chief Stewardess / Purser at senior interior management position responsible for guest service + interior team management + provisioning + accounting + sometimes vessel administration on 100ft+ charter superyacht. $75K-$110K base salary + substantial tips ($25K-$60K+ annually on busy charter vessels) + leave pay + longevity bonus. Total compensation $110K-$185K+ for senior chief stew/purser. MCA STCW Stewards qualifications + sometimes additional yacht service qualifications. Stewardess / Steward at mid-level interior position responsible for guest service + housekeeping + laundry + sometimes provisioning support. $52K-$75K base salary + tips ($15K-$35K+) + leave pay. Total $75K-$120K+ depending on vessel + charter activity. STCW basic safety + sometimes additional yacht service training. Deckhand at entry-to-mid level deck position responsible for vessel cleaning + deck maintenance + tender operations + guest water sports support. $45K-$62K base salary + tips ($12K-$28K+) + leave pay. Total $58K-$95K+ depending on vessel size + experience. STCW basic safety + RYA Powerboat L2 + sometimes additional boat handling qualifications. Bosun at senior deck position responsible for deck operations + crew management + maintenance scheduling + tender operations + sometimes navigation watchkeeping. $68K-$95K base salary + tips ($20K-$45K+) + leave pay + longevity bonus. Total $95K-$145K+ for senior bosun on large charter superyacht. STCW + MCA OOW Yachts (Officer of the Watch) sometimes. Multi-Role Charter Crew on smaller crewed charter vessels (60-100ft) covering multiple roles including deck + interior + sometimes engineering + tender operations. $55K-$85K base + tips + sometimes profit-share. Total $75K-$135K. Common career entry path supporting transition to larger superyacht specialized roles. Foreign-flagged vessel employment frequent with substantial FEIE Section 911 tax shielding opportunity. For mortgage qualifying, multi-source yacht crew income synthesizes under B3-3.1-01 for W-2 + tips with 24-month averaging, B3-3.2-01 for 1099 contract crew, and Bank Statement Non-QM for foreign employer + foreign-flagged vessel crew. FEIE substantially impacts AGI but Stairway treats gross foreign income for qualifying purposes adding back FEIE. Stairway Mortgage routinely handles Florida yacht crew mortgages with tips documentation + FEIE foreign income synthesis + foreign-flagged employer + Bank Statement + Florida yachting industry context. Skip to: Jumbo, every program, calculators.

01 · Florida yacht crew mortgage qualifying at a glance

Key facts every Florida yacht crew member should know about qualifying.

Multi-source base + tips

Yacht crew compensation combines base salary + tips + leave pay + longevity bonus + sometimes 1099 supplementary. Tips often substantial 10-15% of charter rate. Documentation critical for qualifying under B3-3.1-01 with 24-month averaging.

FEIE foreign income

IRC Section 911 FEIE shields ~$126K (2024 indexed) foreign income. Stairway treats gross foreign income for qualifying adding back FEIE exclusion (lender treats pre-exclusion income).

Foreign-flagged employer

Foreign-flagged vessel employer (Cayman + Bermuda + Marshall Islands + Bahamas) without traditional U.S. W-2. Bank Statement Non-QM common path for foreign employer documentation + crew agency contracts + vessel articles of agreement.

Live-aboard savings advantage

Live-aboard accommodation eliminates $25K-$45K annual rent + utilities + food cost. Substantial savings rate supporting down payment + investment property capacity. Asset-Depletion Non-QM sometimes used.

02 · Florida yacht crew practice roles

The five yacht crew practice roles in Florida.

Florida yacht crew practice spans five primary categories from entry-level deckhand to senior chief stew/purser.

Chief Stewardess / Purser

"Senior interior management on 100ft+ charter superyacht: guest service + interior team + provisioning + accounting + vessel administration. $75K-$110K base + tips ($25K-$60K+) + leave pay + longevity bonus. Total $110K-$185K+. MCA STCW Stewards quals + sometimes Purser certification."

100ft+ charter superyacht
$110K-$185K+ total comp
Substantial tips income
MCA STCW Stewards

See chief stew/purser qualifying

Stewardess / Steward

"Mid-level interior position: guest service + housekeeping + laundry + provisioning support. $52K-$75K base + tips ($15K-$35K+) + leave pay. Total $75K-$120K+ depending on vessel + charter activity. STCW basic safety + yacht service training. Common 2-5 year career stage."

Mid-level interior position
$75K-$120K+ total comp
STCW basic safety
2-5 year career stage

See stew/steward qualifying

Deckhand

"Entry-to-mid level deck position: vessel cleaning + deck maintenance + tender operations + guest water sports support. $45K-$62K base + tips ($12K-$28K+) + leave pay. Total $58K-$95K+. STCW basic safety + RYA Powerboat L2 + sometimes additional boat handling qualifications."

Entry-to-mid deck position
$58K-$95K+ total comp
STCW + RYA Powerboat L2
Career entry pathway

See deckhand qualifying

Bosun

"Senior deck position: deck operations + crew management + maintenance scheduling + tender operations + sometimes navigation watchkeeping. $68K-$95K base + tips ($20K-$45K+) + leave pay + longevity bonus. Total $95K-$145K+. STCW + MCA OOW Yachts sometimes. Senior career stage."

Senior deck management
$95K-$145K+ total comp
STCW + sometimes MCA OOW
Senior 5-10+ year career

See bosun qualifying

Multi-Role Charter Crew

"Multi-role on smaller crewed charter vessels (60-100ft): deck + interior + sometimes engineering + tender operations. $55K-$85K base + tips + sometimes profit-share. Total $75K-$135K. Career entry path supporting transition to larger superyacht specialized roles. Common Bahamas + Caribbean."

60-100ft charter vessels
$75K-$135K total comp
Multi-role coverage
Career entry pathway

See multi-role crew qualifying

03 · Yacht crew practice structure analysis

How yacht crew practice structure affects mortgage qualifying.

Florida yacht crew operate across five primary employment structures each with distinct income reporting + qualifying implications.

Foreign-flagged vessel employment

Most large superyachts (80ft+) operate under foreign flags (Cayman + Bermuda + Marshall Islands + Bahamas) for tax + operational efficiency. Crew employed through vessel management company + sometimes crew agency. Compensation paid through foreign employer without U.S. W-2 issuance. Bank Statement Non-QM common path documenting 12-24 months business + personal bank deposits as income proxy. FEIE Section 911 substantially impacts U.S. tax return AGI but lender treats gross foreign income.

U.S.-flagged vessel W-2 employment

U.S.-flagged vessels (less common for superyachts due to operational + tax constraints) typically issue traditional W-2 to crew. Standard B3-3.1-01 framework with 2-year W-2s + paystubs + 24-month averaging on tips component. USCG Merchant Mariner Credential (MMC) documentation. Smaller U.S. charter vessels + private American-flagged yachts more common employers.

Crew agency 1099 contract

Some yacht crew work through crew agencies (Hill Robinson + Camper & Nicholsons + Bluewater + Crew4Yachts + Wilson Halligan + others) on 1099 contract basis. Schedule C / 1120-S returns documenting contract income. B3-3.2-01 self-employed framework with Form 1084 add-backs (CME / STCW renewal + travel + uniforms + business use). Some crew prefer 1099 / S-corp PLLC structure for tax efficiency.

Tips income documentation

Tips income substantial for charter crew (10-15% of charter rate distributed). Documentation through: payroll tips reporting on W-2 (Box 1 includes tips for U.S.-flagged), crew tips logs maintained by chief stew / captain, bank deposit history showing tips deposits, charter activity logs supporting tips frequency. Critical for qualifying under B3-3.1-01 with 24-month averaging on tips component.

Leave pay + longevity bonus structures

Leave pay and longevity bonus structures common on charter superyachts. Leave pay typically 6-10 weeks paid leave annually depending on contract. Longevity bonus typically 5-10% of annual salary after 2-3 year tenure milestone. Sometimes profit-share on charter vessels with substantial charter income. All components documented in vessel articles of agreement + crew contracts + sometimes vessel management company employment agreements.

04 · Florida yacht crew market context

Six things every Florida yacht crew member should understand about market context.

Florida yacht crew market operates within South Florida superyacht capital concentration + Mediterranean / Caribbean seasonal pattern + foreign-flagged vessel employment + FEIE tax opportunity + MCA STCW credentialing + Florida no-state-income-tax favorable environment.

South Florida superyacht capital

Fort Lauderdale (Yachting Capital of the World) + Miami + Palm Beach substantial superyacht crew employment base. Fort Lauderdale International Boat Show + Miami Boat Show + Palm Beach International Boat Show major industry events. Substantial crew agency + yacht service + provisioning + repair infrastructure supporting crew career stability.

Mediterranean / Caribbean seasonal pattern

Superyacht seasonal pattern: Mediterranean summer (May-October) + Caribbean winter (November-April) + sometimes Pacific / Asia routing. Charter activity concentrated in peak seasons. Crew income concentrated during charter periods. Off-season + shipyard periods reduce tips but maintain base salary. Multi-year tip averaging smooths seasonality.

Foreign-flagged vessel concentration

Cayman Islands + Bermuda + Marshall Islands + Bahamas flag registry concentration for superyachts. Foreign vessel ownership through Holding company structures + sometimes UBO trust ownership. Crew employed through foreign management company / employment agreement. Bank Statement Non-QM common qualifying path.

FEIE Section 911 opportunity

IRC Section 911 FEIE shields ~$126K (2024 indexed) foreign earned income for crew on foreign-flagged vessels meeting physical presence test (330 days outside U.S.) or bona fide residence test. Substantial federal tax savings. Lender treats pre-FEIE gross income for qualifying purposes.

MCA STCW credentialing

MCA Maritime and Coastguard Agency Standards of Training, Certification and Watchkeeping (STCW) Basic Safety Training (BST) + Proficiency in Survival Craft + sometimes additional yacht-specific qualifications (Yacht Service + Yacht Catering + Stewards). USCG Merchant Mariner Credential (MMC) for U.S.-flagged service. Career progression credentialing.

FL no-state-income-tax

FL no state income tax substantial yacht crew income preservation. Senior crew $120K-$185K+: California (13.3%) saves $16K-$25K+; New York (10.9%) saves $13K-$20K+ annually. FL homestead exemption protecting primary residence equity. Substantial lifetime tax preservation driving yacht crew Florida domicile concentration.

05 · Yacht crew W-2 + tips B3-3.1-01 deep dive

How Stairway handles yacht crew W-2 + tips qualifying.

U.S.-flagged vessel crew + some foreign-flagged crew with W-2 issuance require B3-3.1-01 framework treatment for multi-source base + tips.

Step 1 — W-2 + tips documentation

2-year W-2s + 30-day paystubs + tips reporting documentation. U.S.-flagged vessel W-2 Box 1 typically includes declared tips. Tips logs maintained by chief stew / captain documenting charter-by-charter distribution. Bank deposit history showing tips deposits supporting tips frequency + amount. Charter activity logs supporting tips frequency + seasonality. Critical for qualifying purposes.

Step 2 — 24-month averaging on tips

Tips income treated as variable income under B3-3.1-01 with 24-month averaging. Documentation through tips logs + bank deposit history + W-2 reconciliation. Senior crew with stable charter activity + consistent tips show predictable averaging baseline. Junior crew + new positions may show tips ramp requiring narrative explanation + future charter activity projection.

Step 3 — Leave pay + longevity bonus + benefits

Leave pay (typically 6-10 weeks annually) + longevity bonus (5-10% of base after tenure milestone) + sometimes profit-share documented through vessel articles of agreement + crew contracts + vessel management company employment agreements. Consistent components treated as base income. Variable components (profit-share + charter bonus) treated as variable income with 24-month averaging.

Step 4 — STCW + MMC + vessel narrative

Continuity narrative documents: MCA STCW Basic Safety Training + Proficiency in Survival Craft + sometimes additional yacht-specific qualifications (Yacht Service + Yacht Catering + Stewards + RYA Powerboat L2 + MCA OOW Yachts), USCG Merchant Mariner Credential (MMC) if U.S.-flagged service, position tenure + vessel tenure + career progression history, vessel flag + size + charter activity, crew agency relationships + employer history.

Step 5 — Tips substantiation for underwriting

Underwriter tips substantiation requires multiple documentation sources: 24 months tips logs (chief stew / captain maintained) + 24 months bank deposit history (showing tips deposits) + W-2 / 1099 tips reconciliation + charter activity logs (number of charters + charter rates). Vessel reference letter sometimes useful from captain / vessel management company confirming tips practice + charter activity + crew performance.

06 · Foreign-flagged + FEIE Bank Statement deep dive

How Stairway handles foreign-flagged + FEIE yacht crew qualifying.

Foreign-flagged vessel crew + FEIE Section 911 qualifying crew require Bank Statement Non-QM treatment with FEIE add-back.

Step 1 — 12-24 months personal + business bank statements

Bank Statement Non-QM 12-24 months personal bank statements showing salary + tips + leave pay deposits. Foreign-flagged vessel employer deposits documented through bank statement detail. Sometimes business bank statements if crew operates through personal LLC / S-corp PLLC structure. Deposit analysis identifies salary + tips + leave pay + bonus components.

Step 2 — Vessel articles + employment agreement

Foreign-flagged vessel articles of agreement + crew employment agreement + sometimes crew agency contract documenting position + compensation + tenure + benefits. Vessel management company employment agreement common for larger superyachts. Crew agency contract (Hill Robinson + Camper & Nicholsons + Bluewater + Crew4Yachts) sometimes used as supplementary documentation.

Step 3 — FEIE add-back for qualifying income

FEIE Section 911 substantially impacts U.S. tax return AGI but Stairway treats gross foreign income for qualifying purposes. IRS Form 2555 documenting FEIE election + physical presence test (330 days outside U.S.) or bona fide residence test + housing exclusion if applicable. Lender adds back FEIE excluded amount to qualifying income.

Step 4 — STCW + MMC + crew tenure narrative

Continuity narrative documents: MCA STCW credentialing + sometimes additional yacht-specific qualifications, USCG MMC if applicable, position tenure + vessel tenure + career progression history across multiple vessels, vessel flag + size + charter activity, crew agency relationships supporting career trajectory, future career trajectory + planned position progression. Critical for underwriter understanding of crew career stability.

Step 5 — Bank Statement deposit calculation

Bank Statement Non-QM deposit calculation: 12-24 months personal bank deposits / 12 or 24 = monthly qualifying income proxy. Typical 50-60% expense ratio applied for crew with vessel-provided accommodation (live-aboard reduces personal expense ratio). Senior crew with stable deposits + clean banking history qualify under more favorable expense ratio. Multi-source synthesis combining bank statement + sometimes 1099 supplementary + sometimes spouse W-2.

07 · Multi-source synthesis for yacht crew

How Stairway combines base + tips + leave pay + 1099 + FEIE + spouse income into qualifying.

Yacht crew with multi-source income synthesize each component under appropriate framework.

Step 1 — Base salary + tips primary anchor

Base salary + tips synthesized under B3-3.1-01 with 24-month averaging on tips component (U.S.-flagged W-2) or Bank Statement Non-QM deposit analysis (foreign-flagged). Primary anchor for most yacht crew multi-source income.

Step 2 — Leave pay + longevity bonus

Leave pay + longevity bonus + sometimes profit-share synthesized under B3-3.1-01 as consistent components (leave pay) or variable components (profit-share + longevity bonus with 24-month averaging). Documented through vessel articles of agreement + crew contracts.

Step 3 — Crew agency 1099 contract

Crew agency 1099 contract income (if applicable) synthesized under B3-3.2-01 with Schedule C / 1120-S + Form 1084 add-backs (STCW renewal + uniforms + crew agency fees + travel + business use). Some crew operate through personal S-corp PLLC for tax efficiency.

Step 4 — FEIE add-back for foreign income

FEIE Section 911 excluded amount added back to qualifying income. IRS Form 2555 documenting FEIE election. Bona fide residence test or physical presence test substantiation. Senior crew with foreign-flagged vessel employment typically qualify under physical presence test (330 days outside U.S.) due to charter routing.

Step 5 — Spouse income + final DTI

Spouse income (if applicable, often yacht industry spouse or shore-based professional) synthesized with crew multi-source income. Combined monthly qualifying calculated. Federal tax + Social Security + Medicare deductions applied (FL no state income tax substantial advantage). Net qualifying flows to DTI calculation.

08 · Loan programs for Florida yacht crew

Loan program options for yacht crew borrowers.

Florida yacht crew access multiple financing paths depending on employment structure + flag + career stage.

Conventional Conforming

Standard Fannie / Freddie
U.S.-flagged W-2 crew
Best rate for stable W-2

Best for: U.S.-flagged W-2 crew

Conventional Jumbo

Above-conforming residential
Senior chief stew + bosun
Multi-source synthesis

Best for: Senior crew + chief stew

Bank Statement Non-QM

12-24 months bank deposits
Foreign-flagged employer
FEIE add-back support

Best for: Foreign-flagged crew + FEIE

P&L Statement Non-QM

CPA-prepared P&L qualifying
1099 / S-corp PLLC crew
Lower true expense ratio

Best for: 1099 / S-corp PLLC crew

Asset-Depletion Non-QM

Liquid portfolio ÷ 360 months
Live-aboard savings advantage
Substantial savings rate crew

Best for: Senior crew + savings advantage

DSCR Non-QM Investor

Property rental income only
Standard ratio 1.0-1.25+
LLC ownership accommodated

Best for: Investment property scaling

FHA Conforming

3.5% down + mortgage insurance
Entry-level deckhand + crew
Lower credit accommodated

Best for: First-time buyer crew

VA Conforming

0% down + no PMI
USCG / Navy veteran crew
Substantial military service crew

Best for: Veteran crew + USCG service

09 · Six forces shaping Florida yacht crew market

How Florida yacht crew market operates in 2026.

FL yacht crew at intersection of South Florida superyacht capital + Med/Caribbean seasonal pattern + foreign-flagged vessel concentration + FEIE tax opportunity + MCA STCW credentialing + FL no-state-income-tax advantage.

Force 1 — South Florida superyacht capital

Force 2 — Med / Caribbean seasonal pattern

Force 3 — Foreign-flagged vessel concentration

Cayman Islands + Bermuda + Marshall Islands + Bahamas flag registry concentration for superyachts. Foreign vessel ownership through holding company structures + sometimes UBO trust ownership. Crew employed through foreign management company / employment agreement. Bank Statement Non-QM common qualifying path. Substantial foreign-flagged superyacht presence in South Florida home porting.

Force 4 — FEIE Section 911 opportunity

IRC Section 911 FEIE shields ~$126K (2024 indexed) foreign earned income for crew on foreign-flagged vessels meeting physical presence test (330 days outside U.S.) or bona fide residence test. Substantial federal tax savings supporting net income preservation. Lender treats pre-FEIE gross income for qualifying purposes adding back FEIE excluded amount.

Force 5 — MCA STCW credentialing

MCA Maritime and Coastguard Agency Standards of Training, Certification and Watchkeeping (STCW) Basic Safety Training (BST) + Proficiency in Survival Craft + sometimes additional yacht-specific qualifications (Yacht Service + Yacht Catering + Stewards + RYA Powerboat L2 + MCA OOW Yachts). USCG Merchant Mariner Credential (MMC) for U.S.-flagged service. Career progression credentialing supporting position advancement.

Force 6 — FL no-state-income-tax yacht crew

10 · Mortgage qualifying timeline for yacht crew

The Stairway underwriting timeline for yacht crew applications.

Pre-qualification

Position + vessel + multi-source analysis

Stairway work: Position (chief stew / stew / deckhand / bosun / multi-role). Vessel flag + size + charter activity. STCW + MMC credentialing verification. Income components (base + tips + leave pay + 1099 + FEIE). Multi-source path. Borrower work: Position + vessel + initial compensation overview.

Documentation

Multi-source yacht crew documentation

Borrower work: 2-year personal returns + 2-year W-2s (U.S.-flagged) + 12-24 months bank statements (foreign-flagged) + 30-day paystubs + tips logs + vessel articles of agreement + crew employment agreement + crew agency contract if applicable + STCW + sometimes MMC + IRS Form 2555 FEIE election. Stairway work: Documentation completeness audit.

Tips substantiation

Tips + foreign income narrative

Stairway work: Yacht crew tips narrative: tips logs + bank deposit history + charter activity + vessel reference letter + crew tenure + career progression + STCW + sometimes MMC + foreign-flagged vessel context + FEIE Section 911 documentation + vessel charter rate + tips distribution mechanics. Borrower work: Provide vessel + tips context.

Cash-flow synthesis

Multi-source qualifying calculation

Stairway work: Base + tips under B3-3.1-01 with 24-month averaging (U.S.-flagged W-2) or Bank Statement Non-QM (foreign-flagged). Crew agency 1099 under B3-3.2-01. FEIE Section 911 add-back. FL no-state-income-tax preserves qualifying. DTI calculation.

Approval + closing

Final approval + closing coordination

Stairway work: Underwriter clear-to-close with yacht crew multi-source documentation aligned. STCW + sometimes MMC verifications confirmed. Vessel articles + crew agreement documented. FEIE add-back applied. Closing coordination. Post-closing relationship for vessel position transitions + investment property + custom build.

11 · What Florida yacht crew say

What Florida yacht crew say about Stairway qualifying.

Names abbreviated for client privacy.

"Chief Stewardess on Cayman-flagged 165ft charter superyacht. 12-year yacht crew career + 5-year chief stew specialty + MCA STCW + Yacht Stewards Service + Yacht Catering + sometimes Purser duties. Mediterranean summer + Caribbean winter charter pattern. $95K base + $45K tips + $8K leave pay + $7K longevity bonus = $155K annual + ~$118K FEIE Section 911 federal tax shielded. Purchasing $785K Fort Lauderdale primary residence. Jim’s team synthesized under Bank Statement Non-QM with 24 months bank deposits + FEIE add-back to gross qualifying income. Vessel articles + crew agreement + STCW + IRS Form 2555 documented. $785K Bank Statement Non-QM close in 44 days."

Sophia K.

Chief Stewardess Cayman-flagged superyacht · Fort Lauderdale

"Bosun on Marshall Islands-flagged 145ft charter superyacht. 9-year yacht crew career + 4-year bosun position + MCA STCW + RYA Powerboat L2 + MCA OOW Yachts. Mediterranean + Caribbean charter pattern. $82K base + $32K tips + $7K leave pay + $5K longevity = $126K annual + FEIE shielding. Purchasing $585K Hollywood Florida primary residence. Jim’s team synthesized under Bank Statement Non-QM with vessel articles + crew agreement + STCW documented. FEIE Section 911 add-back applied to qualifying income. $585K Bank Statement Non-QM close in 42 days."

James M.

Bosun Marshall Islands superyacht · Hollywood, FL

"Stewardess on U.S.-flagged 95ft Florida-based charter vessel. 5-year yacht crew career + 3-year stewardess position + MCA STCW + Yacht Service training. Florida + Bahamas + Caribbean charter pattern with U.S. W-2 issuance. $62K base + $24K tips (declared on W-2 Box 1) + $5K leave pay = $91K annual W-2. Purchasing $385K Hollywood Florida first home. Jim’s team synthesized under B3-3.1-01 with 24-month averaging on tips component. Tips logs + bank deposit history + charter activity documented. STCW + crew tenure narrative supported. $385K Conventional Conforming close in 36 days."

Emma L.

Stewardess U.S.-flagged charter vessel · Hollywood, FL

12 · Florida yacht crew FAQs

Questions Florida yacht crew ask, answered.

More yacht crew + yacht professional resources at Stairway

How do tips income components qualify for yacht crew?

Tips treated as variable income under B3-3.1-01 with 24-month averaging. Documentation through tips logs (chief stew / captain) + bank deposits + W-2 reconciliation (U.S.-flagged) + charter activity logs.

How does foreign-flagged vessel employment qualify?

Foreign-flagged employer without U.S. W-2 qualifies under Bank Statement Non-QM with 12-24 months personal + business bank deposits. Vessel articles of agreement + crew employment agreement + sometimes crew agency contract documented.

How does FEIE Section 911 affect qualifying?

IRC Section 911 FEIE excludes ~$126K (2024 indexed) foreign earned income from U.S. federal tax. Stairway treats gross foreign income for qualifying adding back FEIE. IRS Form 2555 documenting election + physical presence test or bona fide residence test.

What income documentation do yacht crew need?

2-year personal returns + 2-year W-2s (U.S.-flagged) + 12-24 months bank statements (foreign-flagged) + 30-day paystubs + tips logs + vessel articles of agreement + crew employment agreement + crew agency contract if applicable + STCW + sometimes MMC + IRS Form 2555 FEIE.

How do leave pay + longevity bonus qualify?

Leave pay (typically 6-10 weeks annually) + longevity bonus (5-10% after tenure) documented through vessel articles + crew contracts. Consistent components treated as base income; variable components (profit-share + charter bonus) with 24-month averaging under B3-3.1-01.

How does MCA STCW vs USCG MMC credentialing affect qualifying?

No direct impact on qualifying. STCW (international) and MMC (U.S.-flagged) both accepted as documenting professional crew credentialing. Lender narrative documents specific credentialing + position tenure + vessel tenure.

How does crew agency 1099 work for qualifying?

Crew agency 1099 contract income (Hill Robinson + Camper & Nicholsons + Bluewater + Crew4Yachts + Wilson Halligan) under B3-3.2-01 with Schedule C / 1120-S + Form 1084 add-backs.

How does Bank Statement Non-QM work for crew?

12-24 months personal bank deposits / 12 or 24 = monthly qualifying income proxy. Typical 50-60% expense ratio applied. Senior crew with stable deposits + clean banking history qualify under more favorable expense ratio. Live-aboard reduces expense ratio further.

How does live-aboard accommodation affect qualifying?

What credit score do yacht crew need?

Conventional Conforming typically 620-640 minimum; better rates at 740+. Conventional Jumbo typically 700+. Bank Statement Non-QM typically 660-680. FHA typically 580+. VA typically 620+. Senior crew with stable banking + strong credit best positioned for Bank Statement Non-QM rates.

How much down payment do yacht crew need?

Conventional Conforming: 5% (PMI to 80%), 20% (no PMI). Conventional Jumbo: 10-20%. Bank Statement Non-QM: 10-20%. FHA: 3.5%. VA: 0%. Senior crew with substantial live-aboard savings often well-positioned with substantial down payment funding.

How does FL no-state-income-tax help yacht crew qualifying?

Senior crew $120K-$185K+: California (13.3%) saves $16K-$25K+; New York (10.9%) saves $13K-$20K+ annually relocating to Florida. FL homestead exemption protecting primary residence equity. Substantial lifetime tax preservation driving FL domicile concentration.

How long does yacht crew mortgage qualifying take?

Standard 30-45 days. U.S.-flagged W-2 crew with stable tips typically 36-42 days. Foreign-flagged Bank Statement Non-QM typically 42-48 days. FEIE Section 911 add-back adds ~3-5 days documentation review. Pre-qualification ahead of charter season compresses timeline.

Can spouse income help yacht crew qualify?

Yes. Spouse income (often yacht industry spouse or shore-based professional) synthesized with crew multi-source income. Both incomes counted toward DTI if both spouses borrowers. Multi-source expands qualifying capacity substantially.

How does Asset-Depletion Non-QM work for senior crew?

Asset-Depletion Non-QM converts liquid portfolio balance to implied monthly qualifying income (balance ÷ 360 months). Senior crew with substantial live-aboard savings + Med/Caribbean charter income + FEIE preservation often well-positioned with substantial liquid portfolio supporting Asset-Depletion path.

Can entry-level deckhand qualify for mortgage?

Yes. FHA Conforming with 3.5% down + lower credit accommodated common path for entry-level crew. Future income trajectory + STCW credentialing + vessel position documented. Some crew use VA loan with USCG / Navy service. First-time buyer pathway available.

How does charter activity vs private vessel affect qualifying?

Charter vessel crew earn substantial tips income (10-15% of charter rate) supplementing base salary. Private vessel crew (no charter) typically higher base salary but no tips. Both qualify under appropriate framework — multi-source synthesis adapted per vessel type.

How does Mediterranean / Caribbean seasonal pattern affect qualifying?

Seasonal pattern (Med summer + Caribbean winter) creates income concentration during charter periods. Off-season + shipyard periods reduce tips but maintain base salary. 24-month averaging on tips smooths seasonality. Multi-year tips average critical for stable qualifying baseline.

Can I cash-out refinance to buy investment property?

Yes. Cash-out refinance commonly used for investment property funding + sometimes vessel ownership funding. Conventional + Non-QM cash-out paths. Common pathway for senior crew building South Florida investment portfolios + Bahamas vacation property + sometimes vessel partnership ownership.

Can yacht crew scale investment property through DSCR?

Yes. DSCR Non-QM qualifies on property rental income alone: rental / PITI = DSCR. Standard 1.0-1.25+ required. No personal income documentation. LLC ownership accommodated. Common for senior crew building FL + Bahamas investment portfolios with live-aboard savings supporting down payment.

How does vessel position change affect qualifying?

Vessel position changes common in yacht industry (typical crew tenure 2-4 years per vessel). Continuity narrative emphasizes career progression + position advancement + total tenure across vessels rather than single-vessel tenure. STCW + crew agency relationships supporting continued employment.

How does South Florida primary residence concentration support qualifying?

Fort Lauderdale + Miami + Palm Beach + Hollywood substantial yacht crew primary residence concentration supporting lender familiarity with crew profile. Established yacht industry concentration + crew agency presence + vessel home porting + boat show infrastructure supporting crew qualifying narrative.

Are there FL-specific considerations for yacht crew?

FL no state income tax preserves substantial income. FL homestead exemption protecting primary residence. Fort Lauderdale Yachting Capital + Miami + Palm Beach substantial industry concentration. Substantial crew + service + provisioning infrastructure. Florida domicile common for foreign-flagged crew supporting FEIE qualifying.

How does USCG MMC support qualifying for U.S.-flagged crew?

USCG Merchant Mariner Credential (MMC) documents U.S. professional crew credentialing for U.S.-flagged service. Endorsements (Able Seaman + Steward + Mate / Captain depending on position) documented separately. Substantiates career stability + position eligibility + vessel certification compliance.

When’s the best time to apply as yacht crew?

Application timing flexible for stable position crew. Foreign-flagged crew best post-tax-return-finalization (April-June) as prior year FEIE election documented. Pre-qualification ahead of charter season (April for Med + October for Caribbean) compresses timeline. Off-season + shipyard periods offer scheduling flexibility for documentation review.

13 · Companion guides & calculators

Sources & further reading.

Yacht crew credentialing

Industry associations

FL marine industry

Federal + tax

Mortgage program references

15 · What yacht crew + Stairway coordination looks like

Real-world yacht crew multi-source mortgage coordination.

A Fort Lauderdale chief stewardess on Cayman-flagged 175ft charter superyacht came to Stairway after prior generalist lender couldn’t handle foreign-flagged vessel + tips + FEIE Section 911 + Bank Statement Non-QM synthesis. Client: $985K Fort Lauderdale primary residence, chief stewardess on Cayman-flagged charter superyacht. 14-year yacht crew career + 6-year chief stew specialty + MCA STCW + Yacht Stewards Service + Yacht Catering + Purser certification + sometimes vessel administration. Mediterranean summer + Caribbean winter charter pattern with substantial charter activity (typically 18-25 weeks chartered annually). Income structure: $105K base salary + $52K tips (averaged 24 months) + $8K leave pay + $9K longevity bonus = $174K annual gross + approximately $126K FEIE Section 911 federal tax shielded (Form 2555 physical presence test 330 days outside U.S. due to charter routing). Spouse $145K W-2 superyacht service company project management role at Fort Lauderdale-based yacht service firm. Combined household $319K gross with substantial FEIE federal tax preservation. Multi-source coordination: Bank Statement Non-QM with 24 months personal bank deposits documenting salary + tips + leave pay + bonus components. Foreign-flagged vessel articles of agreement + crew employment agreement + crew agency contract (Hill Robinson) documented. MCA STCW + Yacht Stewards Service + Yacht Catering + Purser certification documented + 14-year career progression narrative. FEIE Section 911 add-back applied to qualifying income (lender treats $174K gross not post-FEIE $48K AGI). IRS Form 2555 election + physical presence test substantiation through vessel charter logs + travel documentation. Spouse W-2 income added to multi-source synthesis under B3-3.1-01. FL no-state-income-tax preserves substantial qualifying — vs California (13.3%) saves $42K annually on combined $319K income; vs New York (10.9%) saves $35K annually. South Florida yacht crew primary residence concentration supporting underwriter familiarity. $985K Bank Statement Non-QM close in 44 days. The pattern: yacht crew brings foreign-flagged vessel + tips + FEIE Section 911 complexity, Stairway brings Bank Statement Non-QM + FEIE add-back + MCA STCW + comprehensive yacht industry continuity narrative craft.

House keys at yacht crew + Stairway closing

44-day Fort Lauderdale chief stew Cayman-flagged Bank Statement Non-QM close · Fort Lauderdale, FL

Talk to a Florida mortgage specialist about your yacht crew qualifying

Whether you’re a chief stewardess / purser, stewardess / steward, deckhand, bosun, or multi-role charter crew — your income needs specialty underwriting handling base + tips + leave pay + foreign-flagged employer + FEIE Section 911 + Bank Statement Non-QM.

For Florida yacht crew across all five practice categories: B3-3.1-01 W-2 + tips + 24-month averaging (U.S.-flagged), Bank Statement Non-QM 12-24 months deposits (foreign-flagged), B3-3.2-01 self-employed for 1099 crew agency contract, FEIE Section 911 add-back for foreign earned income, Conventional + Jumbo + Bank Statement + P&L + Asset-Depletion + DSCR + FHA + VA + Cash-Out paths.

Schedule a call with Jim Bank Statement Non-QM

Jim Blackburn NMLS #1072866 · Stairway Mortgage