pablo_martin…, Home Buyer in Bronx, NY

My friends and I want to purchase a 2 family home together. If we found a $400k home, is it possible to buy it by getting 2 morts each $200k ?

Asked by pablo_martinez83, Bronx, NY Sat Mar 10, 2012

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Pablo it can't be done. the way you want to structure the deal. One two family home, on one deed, on one lot, ONLY one First mortgage. You can aplly for a loan together, but your persaonal information will be kept seperately. The issue with one mortgage would be you are equally responsible for the whole payment. If you have any additional questions regarding financing plerase feel free to call me anytime 973-769-2572
1 vote Thank Flag Link Sat Mar 10, 2012
Pablo, you can only get one mortgage to purchase the property, however you can have more than one borrower on the mortgage. Perhaps you and your friends, assuming they are credit worthy can purchase the two family together. Together, you call could possibly qualify for a $400k mortgage. Keep in mind the property also has to appraise for the $400K before the lender would approve a mortgage. In addition you and your friend will need to seek legal advice on this type of joint purchase.

Good luck to you!
1 vote Thank Flag Link Sat Mar 10, 2012
If you are uncomfortable with being on the same mortgage, you might consider buying townhomes that are next to each other but have separate ownership. You should really talk to an accountant and an attorney about this idea, because if your friends get into financial trouble it could cause a lien on the house. It is far better to own the place and rent to a friend.
0 votes Thank Flag Link Sat Mar 10, 2012
I'm pretty sure that this isn't possible but the best thing to do is call a lender and see what they can do.
0 votes Thank Flag Link Sat Mar 10, 2012
In NJ, i believe the answer is no. Consider an LLC. That is the best way to protect everyone involved
0 votes Thank Flag Link Sat Mar 10, 2012
The short answer is no. Usually, you would need to get one mortgage with both party's names on it. However, another option may be to split the deed, effectively making separate properties of the unit. This costs a little in attorney and filing fees and may not be allowed by the local taxing authorities.
0 votes Thank Flag Link Sat Mar 10, 2012
Pablo -

Really good question! And I do not know the Answer.. but I am curious.
to know what the anser is!

Contact my mortgage person.. if it can be done, he can do it!

Alfonso Esposito
Mortgage Loan Officer
Residential Mortgage

PNC Mortgage, A Division of PNC Bank
349 New Brunswick Avenue, 2nd Fl (mail stop: J1-J610-02-1)
Fords, NJ 08863

Cell: 908-531-8134
Office 732-738-6478
Fax: 855-208-8944
alfonso.esposito@pncmortgage.com
http://www.pncmortgage.com/alfonsoesposito
0 votes Thank Flag Link Sat Mar 10, 2012
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