Can it be done? -- Finance Two Separate Homes on One Property

[Nicholas McDowell]

My wife and I have been approached about a property for sale that isn't on the market yet. It is located in North Carolina. The property contains two separate structures (Single Family Homes). One is the "primary house", and it was built in 1956 and is 1200 sq.ft. The second structure, at around 800 sq.ft., and it was built in 2000 as a place for the father-in-law. They are both on one deed and both are currently rented out. The larger home could bring in around $800 and the smaller one brings in around $600. The purchase price for both is $110,000. The tax value is $144,000.

My wife and I would like to purchase both homes on the one property. We would live in the "primary house" and rent out the second one. We talked to our loan officer about this and we were told that it cannot be financed on a USDA or FHA loan. From my understanding, I thought it would be considered like a duplex and would be eligible for at least the FHA loan.

Any recommendations for finding a way to get this financed?