Financing in Brooklyn>Question Details

Noah Meyer, Home Owner in 80206

What are the mortgage options for a 2-family home purchase? Can both families get a seperate mortgage?

Asked by Noah Meyer, 80206 Wed Jan 28, 2009

2 families looking to buy property together, but don't want high jumbo mortgage rate.

Help the community by answering this question:


FHA offers multi family loans-IF they are owner occupied.

If you go into an 80/10/10 loan which is 10% down, 10% home equity line and 80% first mortgage, make sure the home equity line is at a fixed rate with no prepayment penalty.
0 votes Thank Flag Link Wed Jan 28, 2009
You would both have to be on the same note. A 80/10/10 may work for you.

I am a mortgage broker. If I can be of service, please let me know!

Martin Smith

Precision Funding
877-238-6324 Ext 704
877-238-6324 FAX
0 votes Thank Flag Link Wed Jan 28, 2009
GREAT QUESTION: however it does not work that way. You can obtain separate mortgage individually for same home purchase. Contact a mortgage broker determine you options.
Web Reference:
0 votes Thank Flag Link Wed Jan 28, 2009
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