Mortgage - Posted by Jason

Posted by GMann on April 08, 2003 at 22:45:27:

The appraisal (pictures) and your job title and address would set off red flags. Property can’t be commercial use for conventional loans. Your rates will be higher than the going rates. Call a local mortgage broker and they may have a program that fits your scenario.

Mortgage - Posted by Jason

Posted by Jason on April 08, 2003 at 18:38:26:


Hopefully, someone will be able to help me out with the following question.

My home is a dual use property that serves both as my residence and as a preschool. My wife runs the preschool. While it was NOT zoned as a commercial piece of property by the town, it is grandfathered in for this usage. My initial purchase of the property was through a commercial loan though that is tied to a floating rate. Is there any mortgage company that I can get a 30 year residential motgage through? Want to try and lock in while rates are so low. Preschool produces excellent cash flow and so we receive a good rental income from the business.