Loan process for single family versus loan for duplex or tri ?

[Andre Cano]

My wife and I are looking into buying our first home, hoping to get lucky and possibly find a multifamily home (duplex or triplex) we can afford. However, this was not the plan when we first sought the loan, the plan then was to find a single family home to live in. Loan is still in processing for approval. Should I let the lender know that we are possibly looking to get into a multifamily. Will getting a multifamily (duplex or triplex) change our loan process, or the type of loan at all?

[Steven Kopstein]

Definitely tell them! Potential income from other units will help you qualify. They may not lend for multi-family. You should look at your agent and loan officer as part of your team, not as adversaries. Be open about everything regarding this transaction. If you trust them they are there to help you. If not, find another loan officer to work with.