Is it possible to get two separate mortgages on one two family house?
If the house has two floors and a basement, can one floor be assessed separatly and separate mortgage obtained?
Tags: family, House, Mortgages, Possible, Separate, separate mortgages, two separate mortgages
don’t think so… but u can get a 2nd mortgage on the one whole house tho.
If you qualify, you can get two mortgages on a single family home. Some creative financing uses a second mortgage to increase the downpayment so you qualify for the first mortgage.
See a mortgage broker. Get an on line quote at lending tree.
Yes, it is possible to subdivide a residence. However, there are building codes which have to be satisfied before you can get a new assessment. You have to completely separate the parts by having a complete barrier between the two, separate entrances, utilities. You need to research this using the local building codes where the house exists. Once you have made the house into a duplex, the owner can then sell one half, or both halves to different people, which means 2 mortgages to two different people. The zoning also has to such as to allow multifamily residences. Duplexes are not allowed everywhere. A community near me here where I live in WA State, has 5 acre rural parcels and the zoning laws there say that there can be only one single family residence per parcel, so no matter how big a house is on one of these 5 acre parcels, you can’t subdivide it into a duplex because the parcels are not zoned for multifamily residences. So, bottom line, zoning restrictions and building codes will determine if you can subdivide a house into a duplex, the rules for which varies from place to place. However, if you CAN make the house into a duplex, then each half becomes an independent property with a single common wall.