There are two Condos in Washington DC that are next to each other and the question is this: If a first time homebuyer with excellent credit and money in the bank were to buy both Condos owned by one company with the intention to make one a rental, can both be put under the same loan or are there 2 separate sets of rules since one will be a rental property. Is there any way to get around all of the extra fees and restrictions and paperwork to make this a smooth transaction. Any help would be appreciated...thanks!
The terms you will get with an owner occupied loan are infinitely better than what you will get trying to wrap both properties into a commercial/portfolio loan, that it really wouldnt make sense to wrap them both into the single loan.
I tried doing this with a three-condo building and was told that it wasn't possible (three-units, one owner-occupied, renting out other two) unless they were recombined into one prior to the sale. I was told the other option would be to purchase all three, one on owner-occupied terms and the other two conventional/investment, recombine them into a rental and then refinance.
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