“It Depends”
Hey Joe, I have a client that wants to buy a particular home that is in a
commercial zone. The buyers went to their bank and they said NO. The
owners live in the property as their primary residence, so can you do a
mortgage for my clients?
Just because a residence is in a commercial zone doesn’t eliminate the
ability to get a mortgage. As it turns out there are single and two
family homes on most of the street, so it wouldn’t be an issue for some
of my lenders, but not all.
It would have been a problem if their commercial type property was right
next to this residence, properties like gas stations or convenience
stores.
I did the pre-qualification for the clients and they are now in the negotiation process. Hopefully they get the home they want.
Image courtesy of Jesadaphorn/freedigitalphotos.net
