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FYI: Multiple Homes on One Mortgage Might Not Fly!

 

FYI: Multiple Homes on One Mortgage Might Not Fly!

 

FYI: Multiple Homes on One Loan Might Not Fly!

 

I am excited to tell you that we have closed on the two homes located at 421 and 441 Riverwood Drive that I blogged about earlier. The larger of the two homes (441 Riverwood Drive) was built first. The smaller home (421 Riverwood Drive) was later added as a guest house.

 

 

When I listed these two properties. I originally had them listed on MLS as 2 separate properties so that buyers had a choice of just one -- or both.

 

 

As expected, the buyers wanted both properties and they wrote their offer on one contract.

 

Susan Bryant, from TMC Home Loans in Trinity, Texas had once told me that often times lenders do not like loans that have more than one home on them. So it came as no great surprise when that the underwriter had the buyers do separate loans on these properties.

 

To make a long story short, it all worked out just beautifully for these buyers... however... the purpose of this post is to inform you that multiple homes on one mortgage might not fly! Check with your lender to see how they would like for you to write it up. Had both homes been on the same lot, and with only one address, it might have been just fine. Again, check with the lender first.

 

FYI: Multiple Homes on One Mortgage Might Not Fly!

 

 

 

 

This has been brought to you by YOUR Huntsville / Lake Livingston Area real estate professional. Before you buy or sell, call Joni Bailey at (936) 650-9017. I look forward to earning your business and exceeding your expectations. Broker Associate with Berkshire Hathaway Home Services - Anderson Properties. Mike Huff, Broker.  BerkshireHathaway Hom Services is a member of the franchise system of BHH Affiliates, LLC. Each office is independently owned and operated.

TEXAS REAL ESTATE COMMISSION CONSUMER PROTECTION NOTICE

TEXAS REAL ESTATE COMMISSION INFORMATION ABOUT BROKERAGE SERVICESJoni Staples, Broker Associate BHGHRE-AP (936) 650-9017

 Copyright (C) Joni Bailey     (936) 650-9017  www.LivingLakeLivingston.com

 

Licensed in the state of Texas (0518539)                         

 

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Comment balloon 18 commentsJoni Bailey • July 31 2014 07:13AM
FYI: Multiple Homes on One Mortgage Might Not Fly!
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