Can I buy a house (built before 1938) that is being taxed and sold as a 2 family but does not have a C of O stating that it is actually a 2 family?

Asked by onikablue, Brooklyn, NY Sun Mar 9, 2014

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scarson20, Mortgage Broker Or Lender, Astoria, NY
Mon Mar 10, 2014
Homes built before 1938 in New York City were typically not issued a C of O and therefore the property type as listed on the NYC Department of Finance website as well as the chain of title on the property would be how the property is classified. My primary business is the finance of New York City Multifamily (2-4 units) and Mixed Use properties and more than 60% of these transactions are on properties that do not have C of O's issued. If the property was newer, then I would say to do your research but based on the date you mentioned in your email, you can proceed with relative certainty. Any other issues (if there are any) will pop up during the title search on the property. If the property is in Brooklyn, my advice is to move expeditiously as it probably won't be available for long.

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Anna M Brocco, Agent, Williston Park, NY
Sun Mar 9, 2014
Depends, research the C/O issue a bit more--are there any violations that are preventing an actual C/O; if so, and buying with a mortgage, your lender may not lend; also check homeowner's insurance, insurers may not insure....
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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Mar 9, 2014
The answer is yes. But you must be careful, usually this is an indication that there might be a violation on the property. If it has a C of O for a single family but being taxes as a a two, it's very possible that it was being used as a 2 family or converted at some point. Sheena, it might be possible if you're eligible for VA financing. Other than this, you'll be required to come up with at least 3-5% down-payment. I would also say your credit is close, but not high enough. Consider meeting with a Loan Officer so that you can get a better idea of what you can do in order to rapidly improve your credit and get a sense of the other aspects of qualifying for a mortgage. Feel free to call or email me anytime and we can set a face-to/face meeting. Good luck. IF MY RESPONSE WAS HELPFUL, CONSIDER CLICKING BEST ANSWER! • Javier Meneses Senior • Loan Officer • NMLS #23130 • STERLING NATIONAL BANK • 290 Broad Hollow Road, Suite 402E • Melville, NY 11747 • jmeneses@snb.com • (516) 606-9648 Cell • (631) 659-2011 Office • (516) 918-5383 Fax
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