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Hi -It depends on whether you're looking for four units or less, or if you're going 5 and above. Fourplex or less will work on the 2ndary market, 5 or more goes via a local bank. You'd be doing great to get 5 - 5.25 with a local bank on the latter of the above. With the fourplex or less on the 2ndary market, you could get this rate, but the points to get it would likely be around 2.5 - 3.0. That's how I always used to buy properties. Lock in the rate as if it were owner-occupied and then plan on paying these points to get it. It made the comparisions more "apples to apples" as you always know what the rate is this way ....
Reading your later response - You must do the option 1 through a local bank as the 2ndary market will not allow 2 homes on one lot. This has been my experience anyway. Your option 2 would allow for much better financing as the rate can be locked for 15 - 30 years instead of the 3-5 with the local bank. I hope this helps.
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For Sale: $119,900
For Sale: $260,000