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
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Joe Petrowsky, NMLS #6869
Right Trac Financial Group, Inc. NMLS #2709
110 Main St.
Manchester, Ct. 06042
Office: 860 647-7701 x116
Fax: 860 647-8940
Cell: 860 836-9294
Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.
Equal Housing Statement: We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing becuase of race, color, religion, sex, handicap, familial status, or national origin.