Mortgage that doesn't require lease of existing tenant for multifamily purchase

Asked by Marty Pantalones, Brooklyn, NY Mon Aug 26, 2013

I'm trying to buy a 2 family home, but the bank says they need the lease agreement of the one tenant in the house (two units, one is vacant for the buyer). The tenant there doesn't have a lease at all. I've known them for a long time and they're good people and current on their rent, so its not because they're shady or anything. Does anyone have any lenders that would work around this?

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Michael Denn…, Agent, Queens, NY
Mon Aug 26, 2013
Hi Marty, based on the information you provided, a lease is not required for the 2nd unit on a conventional or FHA loan. The projected rental income will be determined by the appraisal. We are still offering loan programs with 0 origination points and 0 application, processing and underwriting fees.

I specialize in purchase mortgages, especially for first time home buyers. And have helped 100s of New Yorkers to realize their dream of homeownership and to build wealth through real estate. I am honored to be one of the most recommended mortgage professionals on Trulia.

Please call me for a free consultation with no obligation. My direct number is 917.699.0183.

I value your input, please hit the thumbs up if my reply was helpful. All the best.

Michael Denniston
Senior Mortgage Banker
NMLS License # 24076
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Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Mon Aug 26, 2013
Marty, we NEVER have required a lease for the 2nd unit on a purchase. We simply use the appraiser rental value if the 2nd unit and add to your monthly income.

Feel free to give me a call and I'll help you with this purchase. Good luck!

If my response was helpful, consider clicking BEST ANSWER!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 606-9648 Cell
(516) 740-4478 Office
(516) 918-5383 Fax
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