Question for loan officers or realtor

[Arturo Gouro]

Hello,

I have a quick question not sure if this have been answer or if is possible to do.. lets say I have a home that I currently live which I still owned 190k but is worth around 400k to 420k.. now I wanted to know if is possible to sell this home and them buy two houses under one loan.. one house under my name and other under another name?? I’m guessing on the payment if is possible, will be the loan that I get and then I will have to add the insurance and taxes for each house... have anyone done this? .. is it possible? If yes who can I contact to get more info?. I appreciate all the help I can get

[Chris Mason]

Originally posted by @Arturo Gouro:

Hello,

I have a quick question not sure if this have been answer or if is possible to do.. lets say I have a home that I currently live which I still owned 190k but is worth around 400k to 420k.. now I wanted to know if is possible to sell this home and them buy two houses under one loan.. one house under my name and other under another name?? I’m guessing on the payment if is possible, will be the loan that I get and then I will have to add the insurance and taxes for each house... have anyone done this? .. is it possible? If yes who can I contact to get more info?. I appreciate all the help I can get

 If you want the subsidized rate/terms/fees/etc that come with Fannie loans, then it'll have to be a Fannie loan. That means one loan per property. Two escrows, two purchase contracts, etc. 

For a blanket mortgage, those are commercial. Non-subsidized. Take whatever interest rate your most recent client got, bump it 2%, assume 20 year amortization, plug that into a mortgage calculator. :)