Skip to content
BOL Conferences
Thread Options Tools
#209728 - 07/12/04 04:11 PM What is a multifamily dwelling?
Anonymous
Unregistered

What exactly is a multifamily dwelling? Is a duplex a multifamily dwelling (I know an apt complex would be)

Return to Top
General Discussion
#209729 - 07/12/04 04:16 PM Re: What is a multifamily dwelling?
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
It depends on what you are looking for. Under HMDA it is 5 or more family housing. For common loan underwriting it may be a duplex. The latter is an internal definition.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#209730 - 07/12/04 04:16 PM Re: What is a multifamily dwelling?
RandomName Offline
Diamond Poster
Joined: May 2003
Posts: 1,373
Austin, TX
Yes, a duplex should constitute a multifamily dwelling, along with a house with a garage apartment or a house with a detached separate building/cottage. At least, these various permuatations are being sent to me by my realtor under the heading "multifamily dwellings".

Return to Top
#209731 - 07/12/04 04:20 PM Re: What is a multifamily dwelling?
Anonymous
Unregistered

In reference to HMDA, would a duplex be reported as multifamily or 1-4 family dwelling?

Return to Top
#209732 - 07/12/04 04:21 PM Re: What is a multifamily dwelling?
Skittles Online
10K Club
Skittles
Joined: Sep 2002
Posts: 13,965
TN
1-4 family dwelling.
_________________________
My Opinions Only

Return to Top
#209733 - 07/12/04 04:32 PM Re: What is a multifamily dwelling?
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
Quote:

In reference to HMDA, would a duplex be reported as multifamily or 1-4 family dwelling?




Skittles is correct. HMDA requires 5 or more to be multi-family. (Do you think someone from HUD helped on that definition?)
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top
#209734 - 07/12/04 04:43 PM Re: What is a multifamily dwelling?
Paragon Offline
Diamond Poster
Paragon
Joined: Dec 2003
Posts: 2,164
Here's the definition, covering the Call Report (Secured by multi-family - 5 or more)

Report in column B all other nonfarm residential loans secured by real estate as evidenced by mortgages (FHA and conventional) or other liens that are not reportable in Schedule RC-C, part I, item 1.c.Specifically, include loans on:

(1)Nonfarm properties with 5 or more dwelling units in structures (including apartment buildings and apartment hotels) used primarily to accommodate households on a more or less permanent basis.

(2)5 or more unit housekeeping dwellings with commercial units combined where use is primarily residential.

(3)Cooperative-type apartment buildings containing 5 or more dwelling units.

Exclude loans for multifamily residential property construction and land development purposes (report in Schedule RC-C, part I, item 1.a).Also exclude loans secured by nonfarm nonresidential properties (report in Schedule RC-C, part I, item 1.e).

Return to Top
#209735 - 07/12/04 06:24 PM Re: What is a multifamily dwelling?
RandomName Offline
Diamond Poster
Joined: May 2003
Posts: 1,373
Austin, TX
Quote:

Quote:

In reference to HMDA, would a duplex be reported as multifamily or 1-4 family dwelling?




Skittles is correct. HMDA requires 5 or more to be multi-family. (Do you think someone from HUD helped on that definition?)




Heh. Shows what my realtor knows. This is why I decline to capitalize his title, even though the industry begs me to do so. How do they rate, anyway? I don't get to go around calling myself a Banker.

Return to Top