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Looking to buy my neighbors home. Options?

Bought my house 4 years ago with a physician loan. My neighbor's house is for sale and I want that extra land. Is there a way to own both properties under one primary residence loan? by claypool185 from Granville, Tennessee. Feb 2nd 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,300 contributions

The probable answer is no. For a new loan, the origination lender is going to want to be able to sell the new loan into the secondary market. For that, the loan would need to be secured by a single parcel of land. To do what you want, you will either need to by the neighboring lot as an investment property, using an IP loan or cash. I have heard of non-conventional lenders that would consider a loan using multiple parcels as security, but this would require them to keep the loan in their own portfolio, meaning you are going to pay higher rates and/or fees on the new loan, than if you were to acquire the parcel with a separate loan. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ Licensed in AZ, CA, GA, OR, WA... In fact, NEXA is licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000.

Feb 2nd 2021
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,418 contributions

Not in the standard mortgage world if there is a house on both properties. You'll need a separate loan for each property. If it were raw land and no house, and the property lines touch, then yes. I lend in MN WI IA SD ND, and can be found at Cambria Mortgage, NMLS 274132

Feb 12th 2021
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