5 unit with residential loan?

smitnlit · Joined: 07 Mar 2008 Posts: 1 1.33 Dollars($)

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: 3328 474.61 Dollars($)

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

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.

ckalvesmaki · Posted: Mon Mar 10, 2008 5:41 am Post subject:

You would need to have the county subdivide the lot. It may or may not be legal.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.11 Dollars($)

Sorry you have to go commercial if they are on the same lot.

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