Posted on: 29th Sep, 2010 12:54 pm
We have made an offer on a property that has two homes on one lot. Will it be a problem to get one mortgage for both properties?
It is generally not a problem. If you can qualify for the payments for both homes, you will be fine. In fact, the conforming loan amount is higher for a 2 unit property than it is for a 1 unit property. It could be an issue if you intend to use the income from 1 of the units as your income. Most lenders will not allow you to use this type of income unless you have had the income for two years or have had landlord experience. Some lenders will allow you to use it under certain other circumstances. Appraisal costs will be higher for you.
Thanks for information! Much appreciated.
You're welcome.