5 unit with residential loan?

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Icon Mini Profile smitnlit




Joined: 07 Mar 2008

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PostPosted: Fri Mar 07, 2008 4:15 pm    Post subject: 5 unit with residential loan?

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.
Icon Mini Profile larry




Joined: 27 Jun 2007

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PostPosted: Fri Mar 07, 2008 6:17 pm    Post subject:

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
Icon Mini Profile adonis
adonis



Joined: 22 Oct 2005



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PostPosted: Mon Mar 10, 2008 1:09 am    Post subject: RE: mortgage for two properties on the same lot

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.

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Icon Mini Profile ckalvesmaki

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PostPosted: 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.
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Icon Mini Profile lisascherzer




Joined: 04 Jan 2008

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PostPosted: Mon Mar 10, 2008 8:34 pm    Post subject:

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