Is it true that FHA does not allow purchase of a property that has more than one residence on the lot?
We are buying an old estate property that has a small cottage behind the house we will use. A mortgage person
told me that because of having basically 2 houses they would be unable to sell the mortgage, so could not
use FHA.
more than 1 house on the lot
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more than 1 house on the lot
by homeschoolmomt » Wed Nov 18, 2009 4:16 pm
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Re: more than 1 house on the lot
by dsemler » Wed Nov 18, 2009 11:13 pm
That may be a lender specific issue but should not be a HUD issue. HUD will insure 1-4 family homes.
One other issue might be getting comparable sales that have the same main house + guest house. Without comparable sales to support the appraisal then the loan is not maketable to HUD/FHA.
One other issue might be getting comparable sales that have the same main house + guest house. Without comparable sales to support the appraisal then the loan is not maketable to HUD/FHA.
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