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Me and my brother have 2 houses on 1 lot in rural area and want to refi but told that this does not meet Fanny Mae rules. Help Me?

by ccjake44572 from Kenly, North Carolina. Oct 22nd 2015 Reply


Sara Deere (SARAinMO)
#1 ranked lender in Kansas - 503 contributions

Have you thought about splitting the lot? Is one house in a llc and the other titled as a residence? I would contact a local mortgage broker in your area, or possibly a credit union.

Oct 23rd 2015
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Can't subdivide but applying for a commercial mortgage unless you have a better idea?ThanksJake

Oct 23rd 2015
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Jesse Stroup (jessestroup)
#197 ranked lender in California - 591 contributions

Do you have a current loan on the property? If so, call the current lender to see what they can do. If the home is paid off call the past lender and talk with them about lending options. If a conventional lender can not provide lending you may have to go to a Hard money or sub prime lender.

Oct 23rd 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,107 contributions

Commercial is not a bad idea actually, however they are going to most likely want them as non-owner occupied. Look at Jesse's answer also, that is worth a try as well.

Oct 25th 2015
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,225 contributions

I may have an option but it would depend on the appraised value how much you need to borrow. Otherwise, possibly a lender that specializes in rural properties, or a smaller local bank that is only in your area and makes direct loans rather than Fannie/Freddie backed mortgages.

Oct 26th 2015
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