I suggest you meet face-to-face with a Loan Officer and allow him/her to review your credit and all other necessary documentation to determine if it's possible for you to take on two seperate mortgages. I am always available to meet in one of our branches close to you, if you need a Loan Officer to help you. Good luck!
Senior Loan Officer
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
You have some great answers here and no you may not use one loan to purchase two properties unless your buying cash.
Speaking to a Lender today!
Best of Luck!
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
Mark Fisher will be able to give you the best advice when it comes to home financing.
All the best,
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
#FHA #vVALOAN #203K
If you plan to occupy one unit, then I have to agree with Javier. But if you are buying both as investments, then Mark's response about the blanket mortgage may be viable. However, this is a niche product with its own set of requirements. Either way your credit and financial profile will be absolutely critical since you are potentially looking at a significant amount of debt between the two units. Your's is not a scenario that can be properly addressed in this forum. I suggest that you meet with an experienced and highly recommended loan officer to discuss your scenario in person. I have helped many buyers secure mortgage for all property types throughout NYC. For more information or for assistance, please contact me directly at 917.699.0183 or via email email@example.com. Follow me on twitter @mdenniston247.
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Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
It is possible like Mark Fisher said below with a blanket mortgage or just getting separate financing for both apartments. The best way is to analyze your situation 100% to find out which is the best option for you. Please contact me so I can guide you guys towards the right path.
Certified Buyer Representative (CBR)
E-mail Address: firstname.lastname@example.org
EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465
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You will need separate financing for both homes. In order to give you the best advice I would need to understand your scenario in greater depth. It's important to have ALL options on the table so we may decided which works best for YOU. I would welcome the opportunity to discuss your goals and may be reached directly via phone or email; whichever is of greater convenience. I look forward to hearing from you.
Your first step is to meet with a mortgage/loan officer to find out if you can do this. Most banks would look at the first unit as your primary residence and the other as an investment property. If you looking into to buying a Coop you realtor can advise you based on the criteria of the building you are interested in. Some coops will only allow you purchase as an owner occupant and cannot have another unit as an investment unless you have lived in the unit for a number of years. You will have more flexibility with Condos and Sponsor units.
In a few situations clients have purchased two apts but combined the two units, so the bank/board look at the purchases as if they are buying one unit since they will be combining two units and occuping both apartments.
If you are not working with a real estate agent, please consider doing so, you do not pay a fee to have a buyers agent.
Licensed Real Estate Agent
Let me warn you in advance that you might be in a position to purchase only one apartment. The first apartment is going to create a sizable debt and you may not have enough income to qualify for a second apartment which by the way the lenders will view as an investment apartment, and if it's a coop that might be an issue with the board if you are not going to live in it. Just be aware. All the best.
Janet Nation, CBR
Sailing Home Realty
Licensed Real Estate Salesperson