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CoA states two family but really being used as one family

6:56 PM 01/23/2013

 

phife00

Brooklyn, NY

we are trying to purchase a legal 2 family home that has been converted to a 1 family. the CoA states that the home is a 2 family so it is making it harder to get financing (not as many options). the 2nd kitchen has been removed and you really can't tell it was ever a two family, however we are assuming that when the appraiser looks at the house and sees the CoA - then they will classify as a 2 family.
what can we do. we want to do a convential loan with 20% but most loans for 2 family require 25% down and rates arent as good. we will be occupying the whole home with no intentions of changing the home back to a one family.

 

 

Appraisals
Mortgage
Conversion
2 answers
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  • vote

    vditty1979

    NY

    Contact me with property address so that I can look at all DOB records.
     

    Vanessa Thatcher

    Senior Loan Officer

     

    Atlantic Home Capital

    4175 Veterans Memorial Hwy

    Ste 310

    Ronkonkoma, NY 11779

     

    Office: 631-687-3510 x106

    Direct Fax: 631-918-5222

    Cell: 631-672-4113

     

    9:08 AM 01/24/2013 | -1 Votes

     

     

  • vote

    mortgagepro

    Lindenhurst, NY

    While rare, there are wholesale lenders that would entertain underwriting this as a single family home, despite the 2 fam CO, as long as it is 100% materially a SFR in every way.  (i.e. Does it have one electric meter?) -Adam Roberts  adamr@fast2fund.com
       

    8:22 PM 01/25/2013 | -1 Votes

     

     

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