Are interest rates higher if you're trying to buy half a "duet" than if you're trying to buy a SFH?

Asked by JS, Alameda, CA Mon Oct 8, 2012

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Claudia Mull…, Mortgage Broker Or Lender, Fremont, CA
Mon Oct 8, 2012
JS: Mortgage provider is incorrect.
If you are buying two units and living in one of them, then that is considered owner occupied.
In Alameda County this limit is $645k for standard conforming $800k for high cost conforming.
I would not be pricing your loan differently. out of Fremont, CA if you have questions and want to give me specifics.
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JS, Home Buyer, Alameda, CA
Mon Oct 8, 2012
Thanks for that answer. Our issue is that we were pre-approved at a rate of 3.65 just two weeks ago. Now we are in contract on a home that is half a duet, and our mortgage provider says our rate is 4.25. He says the increase is due to the fact that the home is half a duet, as opposed to being a free-standing single family home. I'm wondering if interest rates are typically higher for halves-of-duets than for SFHs.
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Dave & Donnee…, , Alameda, CA
Mon Oct 8, 2012
A duet is 2 SFH, so the loan would be the same if you are buying half a duet or a SFH.
if you were buying the entire duet that would be 2 properties.
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