Four Plex Appraisal

[Aaron Claybourn]

I am currently running into a road block with local bank (DFW area) and our mortgage company that services the loan now. I bought the property just over a year ago, lived in one unit for the year obligation and renovated two units. I am trying to get an appraisal done (knowing I have great equity due to comps nearby) but since I don't live there anymore they want to move me to a commercial adjustable rate mortgage especially if I want to cash out refi. How are you guys keeping a 30yr fixed rate on up to 10 properties? Sorry if this has been answered before. I've looked everywhere and talked to multiple banks. 

[Bill B.]

You living there should have nothing to do with making it a “commercial” loan. It will make it an “investment property” loan. This means higher interest rates and downpayments but still 30 year fixed and cheaper than commercial. 

I’ve used big banks (Wells Fargo) I’ve used local banks (TCF & NSB) I’ve used credit uninions (cccu) and internet banks (NASB & axos). None of them have ever suggested commercial loans with 10 investment loans and a primary home loan, all while “unemployed”.