Is it ok to buy two properties with one loan?

A

Arbie Re

New member
Well, I'm curious.
say i saved for a down payment, and got pre-approved for a home loan of 'so-much $".
While i'm looking around, i find 2 properties, that prices combined,
is still under the amount i was preapproved for.
can i buy both on the same loan (1 as investment, 1 as personal home),
or would the bank make me take out 2 separate loans, one for each property??
i'm wondering if it kinda depends on the bank or, if its possible at all.

any information, or ideas on this would be greatly appreciated!
Thank You!
 
It is likely you will have 2 separate mortgages. The money you have saved will be divided between both properties as your down payments. Keep in mind the bank will look at your ability to finance 2 mortgages so even though you could afford 2 down payments, they may not believe you can financially handle 2 mortgages...
 
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