Asked by nepoc74, Somerville, MA • Wed Jun 26, 2013
I own one unit of a two unit condo "complex" and would like to purchase the other unit that's for sale. The plan is to rent one unit and live in the other. I've run into an issue with financing and it seems to be an underwriter concern related to one person owning more than 50% of the development. One solution that has been proposed is to convert the two units into a duplex. How long does this process typically take and what are the average costs? Are there any other options to own both units? My local credit union has put together a financing package that would work but it's an ARM with 20% down and I would prefer a 30 year fixed with 5% down.
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