Hi Melissa,

Your best bet would be to speak to a mortgage person so they can explain all the scenarios to you. If you need to know who to contact, please feel free to contact me.

Usually you can do it one of 2 ways. You can purchase the property as a primary home. You would rent one unit and then live in the other. If you go this option, your interest rate and down payment are usually lower. The other option would be to purchase it as an investment - renting both units. If you go this way, your rate is higher and your down payment would be larger.

As far as the established tenants... not sure by your question what you were asking. When you acquire a property with established tenants I believe you have to honor their lease - length and terms, etc. You may also be able to use their monthly rent towards qualifying in your mortgage.

Hope that helps some. If you have any other questions, please feel free to contact me anytime.

Take care!
Angela "Angie" Allchin
Century 21 Rauh & Johns
856-582-0366 x 172

Melissa,

You have much better options if you purchase the homes as your primary residence as supposed to an investment property. Your down payment will be much less and your rate will be significantly better. Ideally you should live in on of the units and use the other the help offset your mortgage. You may even qualify for the State of NJ's 1st time buyer program. The rate is a low fixed 6.125%. Depending on the terms of the existing tenants lease you can make your offer contingent on one of them vacating the property. Feel free to call me anytime direct. 609-876-5817 I can let you know all the options you have available to you.

Melissa,

Any of the following lenders should be able to help you.

First Horizon Home Loans, Bruce Conner
(800) 223-0793x3157 Pager: (908) 965-9767
BHConner@firsthorizon.com http://www.firsthorizonusa.com/bruceconner

First Horizon Home Loans, Keith Sluka
(800) 825-9723 x11
KSluka@firsthorizon.com http://www.keithsluka.com/

Sovereign Bank, James Fiorendino
(800) 935-0438 Cell: (908) 720-5439
JFiorend@sovereignbank.com

Paramount Funding Corp., Tony Sanchez
(800) 368-4398 Cell: (973) 885-4569
TSanchez@paramountfunding.com http://www.tonymortgage.com

I've worked for all of them for years, and they loan on many 2-family homes.

Tell them I sent you.
Joan Prout, MBA
Broker Associate
RE/MAX Villa REALTORS
Jersey City, NJ
mailto:Joan@JoanProut.com
800-671-0596x1

If you are buying for investment, you will need 25% down, for personal use, 20% I'm not sure if the first time homebuyer programs out there with downpayment assistance, etc will apply to multi family purchases. I do have a few good mortgage reps though, so if you need a reference, just email me.

Do you have about 15-20% for dp? If so, financing should not be a problem. See a mortgage professional in your area.