Financing in New Jersey>Question Details

Jhonny Polan…, Home Buyer in Newark, NJ

Home loan on inhabitable house?

Asked by Jhonny Polanco, Newark, NJ Sun Jun 17, 2012

on a multi-dwelling house (3 unit) how many unit most be habitable in order for the lenders to consider the home habitable....owner occupied

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Answers

4
None. You can purchase the property as an owner occupied property through a FHA 203K mortgage. This loan option give you the money to purchase the three family using the rental income and get the money for the repairs. There will be an appraisal of the property as is and as completed. If you would like to discuss the program in detail. You will need a hud constultant for the project.

Camille Marotta, Branch Manager NMLS 9838
Construction Lending Director
732-539-9300

I have enjoyed 30 years of Mortgage Lending Experience.
0 votes Thank Flag Link Mon Jun 18, 2012
If owner lives in one of the unit, it will consider owner occupied.
0 votes Thank Flag Link Sun Jun 17, 2012
One, one unit and it is considered owner occupied.
0 votes Thank Flag Link Sun Jun 17, 2012
Call Jonathan Joachim with Wells Fargo
He is a specialiost in these type of Loans.

Call him at 9783 981-3403.
Tell him that we sent you and he willtake care of you
0 votes Thank Flag Link Sun Jun 17, 2012
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