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Can I add On to my loan approval

I was just pre-approved for a $380. The home I want is only valued at $185k (one half of a duplex). Well, the other side just went onto the market, listed at $203(there is a grotto/Jacuzzi and 2nd bed room add on and makes the total value of the property $388. Is there a way I can put my bid in for the whole house and get re-approved in consideration of the new value? My FiCO is really good - 760. But I have unconventional banking and stated income - I make over $125k per year. My other lender was ok with this. by amamollov-7640474 from null, Virginia. Aug 22nd 2018 Reply

If your other lender is okay with it why are you seeking more opinions? You should be able to resubmit based on the parameters of the program and your qualifying ability. Were you buying it as an investment or a place to live?

Aug 22nd 2018
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

You can't buy one half of a duplex, but you can buy one side of an attached twin home. This means two separate homes, two legal descriptions, just attached in the middle. So if the other side of this twin home just came on the market, in the lender world, this should be no different that you buying two different houses on opposite sides of town. So two loan application, two down payments, etc. All your standard loans do not allow you to combine two separate properties into one one. But a bank can technically do whatever they want. If they feel like giving you a private loan for both sides, they can. If someone is offering you that, I suggest you take it.

Aug 27th 2018
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