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Shaunna Driv…, Both Buyer and Seller in Kansas City, KS

Could it be called multi-family home for loan purposes?

Asked by Shaunna Driver, Kansas City, KS Sun Apr 17, 2011

Hi. I found a home with 8 bedrooms, 3 baths, 2 kitchens and different levels. Could it be called multi-family home for loan purposes? It is a foreclosure. I can't get my loan for the full amount unless it is labeled "multi-family". But what would actually happen is that I would be sharing the square footage with my sister and her fiance, and my mother. They could have the level with the second kitchen and I would take the level with the other kitchen.
I have read the Franklin County zoning laws and I don't read anything that pertains to my matter. Thank you for your answers in advance.

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I think the key to your question is "Could it be called multi-family home for loan purposes?" and I would ask that question of your chosen lender. I am going to guess that multi-family, to the lender, means completely separate living quarters and entrances, but again - I think you should ask your lender. Also, if you have a local bank with whom you have an established relationship, they may be more flexible that a large, national lender.
0 votes Thank Flag Link Sun Apr 17, 2011
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