Best Finance Option for buying a Property with 2 Homes?
I found a property that I'm interested in. It is a 20 acre lot with 2 single family brick homes on it. My intent would be to live in one and rent out the other. Can something like this be purchased with a VA loan? If not, what are my other options? by Mgrammer250842 from Oklahoma City, Oklahoma. Jul 11th 2017
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
Multiple homes on one legal parcel is going to knock you out of getting standard loans, like a VA loan. Your best bet is to talk to the small local bank about an internal loan for that property. Expect to put at least 20% down.
Sara Deere (Mortgagequeen2)
#15 ranked lender in Missouri - 608 contributions
Have you considered re-plotting the acres?
We are working with the agent and seller about creating a separate deed for the smaller house and purchasing the larger house and land at asking price, then take ownership of both at closing. Lots of red tape so far.Would it not be possible to do a 203k loan to install a pool at the smaller house and just simply call it a pool house? ?
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