Primary residence vs investment property mortgage
Started by bluesky2472
over 9 years ago
Posts: 74
Member since: May 2016
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A 3 family used as a primary residence would qualify for residential mortgage rates. I think a 4-family is where your loan would turn commercial.
Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com
Loan becomes commercial at 5 plus units.
Ellen Silverman
E.S. Funding Co
Licensed Mortgage Broker since 1987, NMLS#60631
Licensed Real Estate Broker since 1987
esfundingco@aol.com
Watch out for taxes too. The only multifamily I ever owned was in Nassau, but IIRC years ago Harlem homeowners of four-families were pretty shocked to see how high their tax bills were (versus whatever they had been historically -- it may have been a function of rising property values as much as a function of tax rates.)
ali r.
As long as you don't increase the number of units to more than three, it should still remain a Class 1 property. Add one more unit and it should jump to Class 2a.
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