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What type of loans are out there for a purchase of a "5 cottage rental, & 1 main home" property?

Is the loan a commercial loan? What do the rates look like for someone with excellent credit? This is for a northern property in the State of New York. This would probably be an investment property and family will move in. The property would be ran by family also. Does this make a difference? What % down is necessary etc..? Purchase price below $400,000.
Thanks!
  • October 15 2013 - US
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Answers (2)

Best Answer

Commercial loan. Residential mortgages are generally limited to four attached properties. Some regional bank may loan you the funds at a rate similar to residential loans, but it is not a conventional conforming situation.
  • October 15 2013
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Best to discuss your options with a lender in the local area. Having more than one habitable structure on the property certainly does change your options.
  • October 15 2013
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