Posted on: 07th Mar, 2008 03:15 pm
We found a property we like with two separate dwellings. One has a 3 unit and the other building is a 2 unit. Can we get two separate residential loans if they are on the same lot but different buildings? The commercial rates for 5 units are much higher.
Hi smitnlit,
Welcome to the forum.
I think you should shop a bit for lenders and see if anyone can approve you for two separate residential loans
Best of luck,
Larry
Welcome to the forum.
I think you should shop a bit for lenders and see if anyone can approve you for two separate residential loans
Best of luck,
Larry
Smitnlit,
It is possible to get two different mortgages on 2 residential properties situated on the same lot. For that you have to choose lenders who offer loans on 3 unit and 2 unit properties.
What's the purchase price of both the buildings? if possible you can even go for a single loan for both properties.
It is possible to get two different mortgages on 2 residential properties situated on the same lot. For that you have to choose lenders who offer loans on 3 unit and 2 unit properties.
What's the purchase price of both the buildings? if possible you can even go for a single loan for both properties.
You would need to have the county subdivide the lot. It may or may not be legal.
Sorry you have to go commercial if they are on the same lot.