2 Unit, Owner Occupied Mortgage Type?
I am buying a 2-unit house and plan to live in one unit and rent out the other. I was told by my lender that the mortgage rate for this type of housing is higher than a single family house. A friend of mine said it is “owner-occupied two-unit” and should be treated like a single-family mortgage. Which one is correct? by DavidLerner545 from Rock Point, Arizona. Feb 24th 2017
John Burke (jburke)
#27 ranked lender in Texas - 321 contributions
Hi DavidLerner545,It depends on the type of mortgage. On FHA/VA loans the rate is the same but on Fannie Mae loans the rate is higher & you have to put more money down for a 2 unit VS a single family residence.Please feel free to contact me for more information or help. John Burke - Senior Mortgage Banker - Lending in ALL 50 states - Great Plains National Bank - 877.228.9069 - NMLS# 787231
John Moran (SimplifyMortgage)
#7 ranked lender in Arizona - 663 contributions
Hi David, it is an owner-occupied 2 unit and is largely treated the same as a single family home, but there can be differences in the rates and guidelines for a 2 unit home versus a single family home.
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