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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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2 Family House & Mortgages
I am pretty sure I've heard before that if you have a legal 2 family home, you can use a percentage of the rental income to qualify for a higher mortgage value.
Does anyone have more info on this?
Anyone own a legal 2 family home?
I'm not so sure that this is a route we'll end up going, but we're trying to consider all our options.
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Posted 4/27/08 1:23 AM  |
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Prudential Douglas Elliman Real Estate
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TJLealand3
LIF Adolescent
Member since 6/07 839 total posts
Name:
Thomas
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Re: 2 Family House & Mortgages
Rental income is not guarenteed so I do not believe it can be included in any loan application.
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| Posted 4/27/08 8:27 AM |
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MrsYank
She's here :)
Member since 4/07 3238 total posts
Name:
Mrs. Yank
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Re: 2 Family House & Mortgages
I am not positive of it now- but I worked for Wells Fargo it was included as proposed income. This was about 4 years ago.
HTH
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| Posted 4/27/08 9:29 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: 2 Family House & Mortgages
FM me the location- and I will ask my DH
NYC has different tax reqirements then LI on multi family homes
the mortgage tax in NYC is 2.75%
I know he was working on a loan like this for someone and it became an issue
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| Posted 4/27/08 2:12 PM |
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HelenZ
So worth the wait :)
Member since 10/07 2862 total posts
Name:
Helen
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Re: 2 Family House & Mortgages
I just read something on this in the Daily News, they have a realtor who answers these kind of questions, and I think she said it's a percentage of what you'd expect it to rent it for. something like that, let me go search the Daily News' website to see if I can find it!
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| Posted 4/27/08 2:39 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: 2 Family House & Mortgages
I think the bank would be more likely to include this rental income if you already have a tenant and a lease to show them.
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| Posted 4/27/08 4:55 PM |
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PreshusSmurf
So in love with my little guys
Member since 1/07 2963 total posts
Name:
Jess
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Re: 2 Family House & Mortgages
Posted by Beth1210
FM me the location- and I will ask my DH
NYC has different tax reqirements then LI on multi family homes
the mortgage tax in NYC is 2.75%
I know he was working on a loan like this for someone and it became an issue
Thanks so much for your help everyone!
I really appreciate the offer ... but for now its just a hypothetical question, we don't have a particular house in mind yet.
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| Posted 4/29/08 10:48 AM |
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dgtlsunshine
LIF Infant
Member since 12/05 217 total posts
Name:
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Re: 2 Family House & Mortgages
When we refinanced a few years ago the bank included 75% of the rental income. Not sure how rules have change now though.
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| Posted 4/29/08 2:43 PM |
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toni-mike
???????
Member since 10/07 1196 total posts
Name:
Toni
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Re: 2 Family House & Mortgages
Posted by dgtlsunshine
When we refinanced a few years ago the bank included 75% of the rental income. Not sure how rules have change now though.
I own a 2 fmily home & this is correct, They figure a % of the rental income.
hth
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| Posted 4/29/08 3:30 PM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: 2 Family House & Mortgages
Posted by Beth1210
FM me the location- and I will ask my DH
NYC has different tax reqirements then LI on multi family homes
the mortgage tax in NYC is 2.75%
I know he was working on a loan like this for someone and it became an issue
I think it depends on how many units it is. a two family is still considered residential. I think any after that is considered a commercial property which is then subject to a higher mortgage recording tax.
gotta love NYS!
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| Posted 4/29/08 5:24 PM |
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csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
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Re: 2 Family House & Mortgages
4 or more units in a house is considered commercial. 1-3 is residential.
Commercial is 2.80% mortgage tax and purchaser/borrower would have to pay that full percentage. Residential mortgage tax depends on the amount of the mortgage.
This though does not apply in Suffolk or Nassau just NYC. In Suffolk & Nassau it is 1.05% no matter what kind of property it is.
Message edited 4/29/2008 8:52:16 PM.
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| Posted 4/29/08 8:49 PM |
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skip123
Trying...
Member since 8/06 2759 total posts
Name:
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Re: 2 Family House & Mortgages
good to know this info..we own a 2 family and are planning to refinance soon...
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| Posted 4/29/08 9:36 PM |
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