Qualifying for Multifamily purchase

[Joan Sambo]

Hi BiggerPockets community. I am a long time listener to the podcast and reader of the forum but never wrote a post before. 

I am trying to purchase a multi family property and was curious if anyone here have faced the same difficulties. I currently own a townhouse that I bought 2 years ago (just under my name) using a 30 year conventional loan. Me and my spouse are looking into moving to a multifamily property (duplex or triplex) to rent the other units as well as the townhouse we currently own. I have talked to two loan officers in my area and I have been told that I cannot move to a multifamily because I already own a single family (townhouse) and that I would need to either have just my spouse on the loan or sell the townhouse to buy the multi. 

I've done lots of research and never heard of this. I always thought that after 12 months on your primary residence you could move to another primary residence and rent your old one regardless of the home type. 

Any of you have faced his in the past? What would you recommend? Thanks 

[Ray Johnson]

@Joan Sambo I've gone through this process. The new property was 2 miles away from the old one I was living in, I told the bank I was looking for a larger home. I stated I would sign the Owner Occupant Affidavit during the underwriting process.

The Affidavit says you will move into the property within 60 days of closing escrow, and will live there for a minimum of 12 consecutive months.

This should get you cleared through underwriting.