Asked by Pibs, 03054 • Tue Apr 3, 2012
We are buying a home using FHA financing and I have my in-laws as co-borrowers. The appraiser appraised the home as a two family because that is what it said on the tax card. For FHA you have to have 25% down in order to have co- borrowers on a two family home. However, home is a single family with an in-law and we will be using the home that way. The underwriter had already stated an in-law would be fine- a two family -not fine. The in-law section of the house does not currently have a stove or refrig- kitchen is basically like a wet bar with a sink. The owner went to the town. Because the land was subdivided about ten years ago, it is no longer a legal two family according to town laws. The town very happily switched the tax card to read single fam residence with in-law. The new tax card was sent to the appraiser. However, he stated on an addendum that he thinks the home appraises more correctly as a two family and won't change his appraisal results. Value not an issue. Suggestions?
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