Triplex converted from Single Family - Insurance & Mortgage Rules

[Vince Liu]

Hello BP,

I recently purchased this triplex that is converted from a single family home into 3 units. I was wondering what property type would it be when it comes to Mortgage and Insurance. Apparently there are better terms and rates with single family than with multi-family, however, is there any rules that go with it? Can I get an insurance and a mortgage for this property as a single family?  

Thank you!