Second Property, Underwriter needs to convinced I need it.
Hello, I am trying to buy my second property, so I am doing a preapproval. Everything was good, then boom, I was told I need to convince an underwriter on why they should allow me to get another property similar to one I have. Sorry: Background I currently have a duplex, but of course, I would like another. I was told that is was hard to get another duplex and impossible to get a 4 unit, but I need to provide reasoning as why, I should be allowed to get another. So I am looking for suggestions....
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You probably need to get a different lender. Up to 4 units is considered fine for conventional financing. I've bought two 4 unit buildings using conventional financing, and used conventional to refinance a seller note on another 4 unit.
Are you using a local bank?