Need help finding financing for multi home property?
My wife and I have found a really nice home that we want to buy. The problem is there is another smaller home on the property. The seller is the executor of the estate and is not allowed to split the property. Which is fine because we intended on renting the smaller home out once we had bought the property. The problem is none of the banks in my area ( east Arizona) will finance this property because of the second home. The homes sit on one lot seperated by a driveway. They are both in need of some repairs but are otherwise in good shape. We really want to buy this home so if anyone can help find the answers we're looking for please let me know. Anyone who helps is invited to the huge cookout we'll have when we move in.
Public Comments
- Ok, what you do is finance as a two family. As a mortgage broker I know a couple lenders that wouldn't have a problem doing a loan scenario like this. You have to make sure the CO's are there, but other than that it shouldn't be a problem.
- I can do this on a portfolio loan product. The reason you are having trouble finding financning is because Fannie Mae won't take multiples on one lot.
