Finance ins and outs

[VERTIGO]

So I finally think I am at the point of pulling the trigger and have worked to set myself up for the “BIG PURCHASE.” Saved our asses off to have the required 20% down, know what boat we want (at least make) 440 Lagoon, Owner Version or clean charter, $350K. Have not picked out the exact boat yet but think the numbers will work with some shopping and patience.

The issue seems to be the more I read into financing the bigger nightmare it seems to become. I have the down, meet the 40% debt to income ratio but now I read a new one to me, Payment to Income Rule (PTI) 15%. Most often in order to be helpful specifics are needed so here it is:

Military member, US Army, I have 15 years in so 5 more to go. My base pay without additional allowances is $4600/month. We have 80K to put down, 70K down and 10K for haul out, inspections, travel etc…. I have Zero CC balances, one car payment, $550/month and have owned a house for the last 9 years with around 50K in equity, rented for the last 4 years while stationed overseas. 784 beacon. I am also now being told that they want me to have already had a loan for the amount I am asking for. I bought my house at 160K and was looking to finance 280K on the boat. I think I could liquidate and knock that down to 200K but…. I understand the market but holy crap, 15 year employment, high beacon, 20% down, no debt and finance payment less than 40% of my income.

I guess my question is, are the only people that buy a boat in this price range just sitting on a heap of cash? More than what the required down payment is? Just looking for some input, I come up with save longer but hate that idea, ready now! Well, soon as I get out of Afghanistan anyway. Thanks in advance for any input of your experiences with this.