Asked by Jim Michele Pat, Chicago, IL • Sat Jul 11, 2009
our neighborhood and the cost combined is easily less than us buying separate condos. We know we can afford the mortgage based on previous pre-approvals for individual condos but how do we go about buying the building together? Could we get two separate mortgages? Or would one of us buy it and let the other unit be a rental income? What about FHA loans, I read an article in the Chicago tribune that FHA loans for two flats require less money down and up to $524k, which is within the building's asking price. Any thoughts or suggestions on what options we should pursue?
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