Can I use a Residential Mortgage???

[Paul Schackman]

I'm looking at 2 4-plex's that are being advertised at one.  I found the property on Loopnet.com.  They have 2 different addresses (1900 and 1902 Main St) and 2 stand alone buildings one the same property lot.  Each unit has its own taxes, and insurance.

While they are advertising the property as an 8 unit, it's really 2 4's being sold.  It's my belief that I can get a residential mortgage on each  of them.

Please let me know if im wrong

[Jeff B.]

The issue revolves around the property APN:  If each has a separate Appraisers Parcel number, then each can be bought and sold independently and each then qualifies for a Conventional Loan.

If however, both are listed under ONE APN, then there is ONE existing mortgage and BOTH must be sold together AND you need a Commercial 5+ loan.