Can My Wife and I Combine 2 Separate Loans to Buy 1 Property?

[Logan French]

Hello,

My wife and I are looking to BRRRR and hold or first property. We currently live in Boston, MA and the prices can be high here. So my question is can my wife and I both apply for loans separately and then combine them to buy a property together? For example, my wife and I are both doctors and there is a bank offering a physician loan for up to $1mil with no money down. Would it be possible for us both to apply for this loan separately and get a total of $2mil loan instead of just a $1mil loan if we applied together? And then use these 2 separate loans to buy a property together?

[Jonathan Bombaci]

The only way you might be able to pull it off is on a duplex. If you find a seller willing to work with you, then your attorney could file condo docs and split the 2 units into 2 condos and then you could each buy 1 condo. I’m not sure how much sense that would make from an investment standpoint but it is “possible” with the right set of parameters from a loan/underwriting standpoint. I’d suspect In order for this to make sense it would need to be a Class A asset in a city like Cambridge or truly in Boston proper.

I’m not sure if you could target a 4 family and split it into 2 condos each with 2 units.. it seems plausible from a legal standpoint but I’d suspect the underwriter on the loan would call BS since that’s pretty weird.