Loans for small multi's 2-4 units

[Mark Plesha]

Ive been under the impression for awhile now that you can get a 30 year mortgage for a small multi unit, in this case a duplex, even if you aren't living in one of the units. I went to look at a property today and my realtor told me that it would be considered a commercial loan and the longest term I could get is a 20 yr with a balloon after 5. Is this true?

[Dante Pirouz]

Nope 1-4 units are not considered commercial...only 5+. You could potentially get residential loan terms including a 30 year term depending on the loan and the institution. Never rely solely on real estate agent information...always double check everything they tell you!