---

5 unit with residential loan?

Author	Message
	Add to del.icio.us Add to YahooMyWeb Add to Simpy Add to BlinkList
smitnlit Joined: 07 Mar 2008 Posts: 1 1.33 Dollars($)	Posted: Fri Mar 07, 2008 4:15 pm    Post subject: 5 unit with residential loan? Like 0 Dislike 0 We found a property we like with two separate dwellings. One has a 3 unit and the other building is a 2 unit. Can we get two separate residential loans if they are on the same lot but different buildings? The commercial rates for 5 units are much higher.
larry Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)	Posted: Fri Mar 07, 2008 6:17 pm    Post subject: Like 0 Dislike 0 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
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Mon Mar 10, 2008 1:09 am    Post subject: RE: mortgage for two properties on the same lot Like 0 Dislike 0 Smitnlit, It is possible to get two different mortgages on 2 residential properties situated on the same lot. For that you have to choose lenders who offer loans on 3 unit and 2 unit properties. What's the purchase price of both the buildings? if possible you can even go for a single loan for both properties. _________________ Procrastination is the enemy of your financial success
ckalvesmaki Community Expert Joined: 28 Jan 2006 Posts: 378 Location: Dallas 56.51 Dollars($)	Posted: Mon Mar 10, 2008 5:41 am    Post subject: Like 0 Dislike 0 You would need to have the county subdivide the lot. It may or may not be legal. _________________ Cedric Kalvesmaki ***Professional Disclaimer*** While I am a Mortgage Professional, this advice is generic in nature only. 888-383-9019 emails and PMs gladly answered www.freedommortgagetexas.com Freedom Mortgage I live in TX but cover all 50 states
lisascherzer Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)	Posted: Mon Mar 10, 2008 8:34 pm    Post subject: Like 0 Dislike 0 Sorry you have to go commercial if they are on the same lot. _________________ Lisa Scherzer Allpointe Mortgage Expert Mortgage Broker 440-521-7060 Free Mortgage Quotes Get Mortgage Information Search Real Estate Agents Here

Quick Reply
Your Name
Subject
Image Verification	Enter the code above here : Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours

Page 1 of 1

---

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0