Financing in Indiana>Question Details

Daniel, Home Buyer in Indiana, PA

Desperately need help financing a multi unit residential property

Asked by Daniel, Indiana, PA Tue Apr 5, 2011

Good Morning everyone!  I am having some financing issues that I could really use some help with.  Quick back story: My wife and I had to quit our jobs and move to another part of the state due to some serious threats made on my family that are a result of me being a Correctional Officer.  We have found good jobs (safe civilian jobs) in a nice town but desperately need to get a house.

 

Situation:  We found a perfect modest home that has a separate garage containing two apartments (already leased ) on the 2

nd floor.  Our salaries alone can make the mortgage payments without a problem, as well as the income from the apartments would cover the mortgage by  itself.  We submitted an offer, it was accepted, but we cannot obtain financing.  We are told a commercial mortgage is necessary which requires a 30% min down payment, and with recent events we just don’t have that.  Are there ANY types of financing or grants or ANY advice at all that can be given?  Thanks in advance!

Ps: This is zoned R1

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Answers

4
Daniel,

Phone Jan Johnson at Union Savings and tell her your story. I can't
imagine why the banks you've spoken to consider it 2 roofs since the
garage is a part of the single family homestead. 317-507-6619.

Also, phone Vickie Topmiller at Castle Mtg. 317-509-1935. She has
investors that have made a lot of "out of the box" transactions work.

Good Luck,

Marita Topmiller
Assoc Broker
Prudential Indiana Realty Group
317-513-4652
0 votes Thank Flag Link Tue Apr 5, 2011
It is zoned R1 ( grandfathered in for multi units). This is only a 3 unit property but I was told it will not qualify for FHA bc the 2 units and house are under separate roofs. I have gone thru multiple banks and while I'm qualified for all, have been told it would have to be a commercial mortgage, yet from everything I read I should be able to get a residential?
0 votes Thank Flag Link Tue Apr 5, 2011
Daniel
You did not memtion what the zoning is. If the property is zoned correctly you could qualify for an FHA loan. I recommend going to a local mortgage broker for the answer.
Benny Smith 412-498-7868
0 votes Thank Flag Link Tue Apr 5, 2011
If the poperty is under 4 units and you are going to live there, you should be able to get a residential mortgage, If it is 5 plus unit or you ar enot going to live there tha a commerical mortgage is the only one available. You should meet with a local and trusted mortgage broker to get prequailified. They will be able to gove you the guideleines given your credit and the actual type of property you are interested in buying. One unit need sto be vacant at closing so you can move in, it has to be owner occupied to get a residential mortgage.

please see my blog for tips on getting a mortgage
0 votes Thank Flag Link Tue Apr 5, 2011
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