multi-family or 2 condos?

Your question generates more questions. When you say multi family, I am assuming you mean a duplex or maybe a triplex or even a fourplex. Once you get to 5 or more units, it is a commercial loan and your options are much different.Let's assume a duplex vs 2 condos: With a duplex, there will only be one loan with one set of loan fees, one set of escrow fees etc. There is a little higher fee for a duplex simply because it is a 2 unit property but that is probably outweighed by the single transaction fees. Condos have HOA dues and so if you were looking at 2 $150,000 condos vs a $300,000 duplex, your fees would be higher because of the association fees and those fees are usually in the $220 to $350 a month range so that adds up quickly. When you have an investment property, you will want to put down 20% to 25% and there are better fees and rates if you put down the higher amount. I am tending to lean towards the duplex if you are spending the same exact amount of money. Duplexes often are looked at and priced as if they were an investment and condos can be priced as if it will be your home.There are many more factors and I would be happy to help. I am at www.AskTheLoanMan.com or (866) 385-1650

Answer In Short - Purchasing two separate condo's means you have to deal with two separate transactions, the cost will be twice as much, however when you purchase a duplex, it will be considered as one transactions.Detailed Answer - i will need little more information about your goals, for example if you buy two separate condos and each one of you will be occupying a unit for your own use, then each person has to qualify for the loan of that condo, however on a duplex, income and credit of both of you can be used for the purchase of the duplex. Please feel free to contact me for more information, We are a local real estate brokerage firm located in los angeles, www.crestico.com or click on my profile.

Much more info is needed... is the intent to purchase a multi-family so you both can live there, or is it an investment... if it's an investment, then purchasing 2 condos could work... if you intend on living in the units, then you should purchase them separately. Best advice I can give is to contact a local mortgage broker, not a bank, and apply with them.. they can guide you to the right loan product based on your particular scenario... WilliamAcres.com

A condominium is just like a house in that it is considered a 1-family home or a 1-family unit. If you are looking to purchase two condos, you are looking at two loans, one for each 1-family unit. A multi-family property is one that is built and zoned as being able to support two or more separate families. This would include Duplex, Tri-Plex and 4-Plex. Anything zoned as 5 or more families is not eligible for traditional mortgage financing as they are considered commercial projects. If you are looking to buy them "Together", then the underwriters will more than likely consider one to be a primary residence and the other investment. One way to get around this is to have you buy one as your primary residence and live in it. Your niece could purchase the other as her primary residence and live in it. In this case, both of you would need to be able to qualify for your respective units. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to you and guide you into the one that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com