CoA states two family but really being used as one family

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.

phife00

in Appraisals 12 years and 3 months ago

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mortgagepro | 12 years and 3 months ago

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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

vthatcher | 12 years and 3 months ago

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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