can i buy two apartments under the same home loan? I need to buy one for my mom too

Asked by Amira, New York, NY Sun Feb 24, 2013

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15
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Sun Feb 24, 2013
Amira, no you will not be able to. If you're looking to purchase one unit for yourself to live in, you'll take out a mortgage for your primary residence. Then you'll have to take out a different loan, likely an investment loan, for the unit your mom will occupy. It is very important for lenders to be clear as to if you'll occupy the property you're financing or not.

I suggest you meet face-to-face with a Loan Officer and allow him/her to review your credit and all other necessary documentation to determine if it's possible for you to take on two seperate mortgages. I am always available to meet in one of our branches close to you, if you need a Loan Officer to help you. Good luck!

Javier Meneses
Senior Loan Officer
NMLS #23130
STERLING NATIONAL BANK
310 Crossways Park Drive
Woodbury, NY 11797
jmeneses@snb.com
(516) 740-4478
5 votes
Mark Fisher, Mortgage Broker Or Lender, Bronx, NY
Sun Feb 24, 2013
It is possible with a blanket mortgage but you will have to figure out if that is the best option for you or not.
2 votes
Mildred Vale…, Agent, Bronx, NY
Mon Oct 28, 2013
Amira,

You have some great answers here and no you may not use one loan to purchase two properties unless your buying cash.

Speaking to a Lender today!

Best of Luck!

Millie Valentin,
Exit Realty Search
3928 E. Tremont Avenue
Bronx, NY 10465
http://www.ExitRealtySearch.us
0 votes
Antonio Sanc…, Agent, Bronx, NY
Mon Oct 28, 2013
Amira,

Mark Fisher will be able to give you the best advice when it comes to home financing.

All the best,
Antonio Sanchez
Exit Realty Search
3928 E. Tremont ave
Bronx, NY 10465
CELL: 347-320-0673
BUS: 347-202-4965
antonio@exitrealtysearch.com
http://WWW.LOVINGMYTOWN.COM
#bronxrealtor
#throggsneckspecialist
#firsttimehomebuyer
#listingagent
#FHA #vVALOAN #203K
#shortsale
#REO
0 votes
Mildred Vale…, Agent, Bronx, NY
Mon Mar 4, 2013
Maira,

I have attached a web-site that will answer all your questions.

Please click below

Best of Luck!


Millie Valentin
Exit Realty Search
Web Reference:  http://bronxhomebuyer.com/
0 votes
Michael Denn…, Agent, Queens, NY
Wed Feb 27, 2013
Amira,

If you plan to occupy one unit, then I have to agree with Javier. But if you are buying both as investments, then Mark's response about the blanket mortgage may be viable. However, this is a niche product with its own set of requirements. Either way your credit and financial profile will be absolutely critical since you are potentially looking at a significant amount of debt between the two units. Your's is not a scenario that can be properly addressed in this forum. I suggest that you meet with an experienced and highly recommended loan officer to discuss your scenario in person. I have helped many buyers secure mortgage for all property types throughout NYC. For more information or for assistance, please contact me directly at 917.699.0183 or via email michaeldenniston247@gmail.com. Follow me on twitter @mdenniston247.

I value your feedback so please give thumbs up or click best answer, if this response was helpful!

Thanks!

Michael Denniston l Cell: (917) 699-0183
Residential Home Funding, Corp.
Licensed Mortgage Loan Originator l Sales Manager
6901 Jericho Turnpike Ste. 219 | Syosset, NY 11791
Main: (516) 605-1733 | Fax: (888) 881-2557
NMLS # 24076 | Company NMLS # 34973
Mdenniston@RHFunding.com
http://www.rhfunding.com
.
0 votes
Janet Nation,…, Agent, Baldwin, NY
Wed Feb 27, 2013
Blanket mortgage is a product for developers/builders.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
http://www.jnationproperties.com
0 votes
John Lajara, Agent, Riverdale, NY
Tue Feb 26, 2013
Hey Amira,

It is possible like Mark Fisher said below with a blanket mortgage or just getting separate financing for both apartments. The best way is to analyze your situation 100% to find out which is the best option for you. Please contact me so I can guide you guys towards the right path.

John Lajara
REALTOR®/Notary Public
Certified Buyer Representative (CBR)
Cell: 917-848-4655
Fax: 917-522-9638
Website: http://www.JohnsRealtySuccess.com
E-mail Address: john25lajara@gmail.com
EXIT REALTY SEARCH | 3928 E. Tremont Ave | Bronx | NY | 10465

Visit me on Trulia & Zillow!

http://www.trulia.com/profile/johnlajara
&
http://www.zillow.com/profile/theexitproject
0 votes
Garfield Bull, , Bronx County, NY
Tue Feb 26, 2013
Good day, please call me @ 646-851-6799 to view, thank you
0 votes
Anna M Brocco, Agent, Williston Park, NY
Mon Feb 25, 2013
Be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously; therefore visit with any licensed loan officer, he/she can accurately answer any questions as they apply to your specific situation.
0 votes
Paul Marzolla, Mortgage Broker Or Lender, Fort Lee, NJ
Mon Feb 25, 2013
Amira,


You will need separate financing for both homes. In order to give you the best advice I would need to understand your scenario in greater depth. It's important to have ALL options on the table so we may decided which works best for YOU. I would welcome the opportunity to discuss your goals and may be reached directly via phone or email; whichever is of greater convenience. I look forward to hearing from you.


Kindest regards,

Paul Marzolla
Loan Officer
(201) 957-6768
pmarzolla@unvmortgage.com
0 votes
Nirmala Cara…, Agent, Bronx, NY
Mon Feb 25, 2013
Amira,

Your first step is to meet with a mortgage/loan officer to find out if you can do this. Most banks would look at the first unit as your primary residence and the other as an investment property. If you looking into to buying a Coop you realtor can advise you based on the criteria of the building you are interested in. Some coops will only allow you purchase as an owner occupant and cannot have another unit as an investment unless you have lived in the unit for a number of years. You will have more flexibility with Condos and Sponsor units.

In a few situations clients have purchased two apts but combined the two units, so the bank/board look at the purchases as if they are buying one unit since they will be combining two units and occuping both apartments.

If you are not working with a real estate agent, please consider doing so, you do not pay a fee to have a buyers agent.

Nirmala Caraballo
Licensed Real Estate Agent
Cruse Realty
Tel.: 646-479-7873
Email: nhcaraballo@yahoo.com
0 votes
Garfield Bull, , Bronx County, NY
Mon Feb 25, 2013
Good morning, please call me @ 646-851-6799 to discuss, thank you
0 votes
Janet Nation,…, Agent, Baldwin, NY
Sun Feb 24, 2013
Amira,

Let me warn you in advance that you might be in a position to purchase only one apartment. The first apartment is going to create a sizable debt and you may not have enough income to qualify for a second apartment which by the way the lenders will view as an investment apartment, and if it's a coop that might be an issue with the board if you are not going to live in it. Just be aware. All the best.

Janet Nation, CBR
Sailing Home Realty
Direct: 646-321-9649
Office: 516-377-4760
Licensed Real Estate Salesperson
http://www.jnationproperties.com
0 votes
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