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1st time buyers with wierd house. Help?

My fiance and I want to buy his brothers house. Its two houses on one deed which already made one bank laugh at me on the phone. We have low scores (580 to 600)  but I could qualify for VA. How do i make this less confusing and not have banks laughing about the house. (the 2nd house is a duplex and has been rented for 5yrs to one tenant and 10+yrs to the other) the 1st house is a single family home we plan to live in.

If anyone is in Erie or Fairview, PA and can help I'd apprecaite it. (any advice at all would be great from anyone)
  • January 23 2009 - Monroe Township
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Answers (1)

VA mortgage guidelines are very strict. The current zoning for the property may not support the fact that there are 2 homes on the lot. You may want to check with the City to see what the zoning is for your property.

It could be the case that one of those houses is technically not a legal structure. When the mortgage company conducts their appraisal, there are going to see the 2 homes on the land and this may raise a flag with the bank.

Regards,

Walter Burns
Weichert Realtors
Hoboken, NJ
201-694-8946 Mobile
  • January 23 2009
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