What kind of mortgage for an owner-occupied multi-family unit?
The particular house I am looking at probably won't be available when I am ready to buy (next spring-ish, depending on our sale), but it got me thinking. I really want to get into real estate more so than just a homeowner (grew up watching my dad do commercial real estate on the side, but he is half a country away and not up to speed on the current markets).
There is this cute bungalow with a carriage house behind it. The carriage house has been converted to two apartments. From what I can tell, the units are legal (advertised as multi-family and rent controlled, currently leased, leases available for viewing, etc - non-legal units are usually called "mother-in-law suites" for real estate purposes).
So lets say I want to buy this property, or one similar, and I plan to live in the bungalow and rent the carriage house. What kind of mortgage would I need to get? Conventional owner-occupied? Investment? 20% down?
Also based on the list price of the one really cute one - it would be a jumbo loan when thinking of normal homes. Does that make a difference? Its currently leased, so does that income count?
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