How to purchase 2 properties ?

So my wife and I are interested in purchasing the property we're currently renting, but we're also in grabbing the acre next door as well (which is also on the market under a different owner)......... I currently own a home in a different city so will not be able to do an FHA but my question is; Is it even possible to get two loans simultaneously?..... I mean; would the banks be open to wrapping up 2 loans into one?





Any info appreciated.





TommyHow to purchase 2 properties ?
You will have to start out with two separate loans to complete two different sales, but you can refinance both immediately after closing to consolidate the two loans into one.How to purchase 2 properties ?
A lender will not ';wrap it into one loan'; in a case like this, since they are separate parcels, one with a house and one without. You will need to get two different loans, then if you decide to put them together later, you will need to go to your zoning department and have new surveys done and a new parcel number assigned to the entire thing. This will take some time. Also, consider whether you really want to put them together as one parcel - you may want to sell them off separately at some point, or build a new house on the acre. You may want to leave yourself some flexibility there.
You could arrange both loans through the same lender. Not sure if they could roll it all into one loan, depending upon coordinating the closings. There is no need to do anything about combining the properties themselves into one. For any tax purposes, an adjoining property is considered part of the home property, even as far as the capital gains exclusion if you sell it within 2 years before or after you sell the home. http://www.irs.gov/publications/p523/ar0鈥?/a>

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