Residential Mortgage For Mixed Use Property

A mixed-use property may indeed be suitable for an FHA mortgage as long as the property is intended to be the borrower’s primary residence and the home meets certain FHA standards. FHA home loans aren’t for one specific type of home; you can apply for an FHA mortgage to buy a condo, duplex, or a manufactured home (just to name a few).

A study by Canada Mortgage & Housing Corporation. Strategic Group completed its first office-to-residential repurposing project in Calgary-a mixed-use building with 65 one- and two-bedroom.

A commercial property is going to require more scrutiny and loan application review than a purely residential home mortgage application, which leads to the second challenge for mixed use mortgage financing and that’s the time it takes to get something in place.

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Mortgage for Mixed Use Property Mixed use buildings typically have a retail store on the first floor (commercial component) and apartments on the second/third floors (residential component). Mixed use properties are considered to be commercial real estate and require commercial mortgage financing, even though they are part residential.

Mixed-Use Properties. Fannie Mae purchases or securitizes mortgages that are secured by properties that have a business use in addition to their residential use, such as a property with space set aside for a day care facility, a beauty or barber shop, or a doctor’s office.

A $7,393,000 first lien mortgage for the refinance of a mixed-use property Jamaica. A seven-year loan for $4,000,000 for a residential/retail building located on Greenwich Avenue in New York City.

A larger property with a retail shop below and multiple residential units above, in which you act as the landlord, is also considered a mixed use building. If you have a property that makes less than 40% of its income off of the commercial spaces and has 5+ total residential units, you may qualify for a multifamily loan or apartment loan.

One of the more common aspects of a mixed-use property is a building with commercial space on the first floor with residential space above. Most often such a property has multiple residential units either as an apartment building or single family dwellings as a condominium.

Tips & Tricks #15: MIXED-USE PROPERTIES So I’ve had my eye on a mixed-use property that is currently Zoned residential office. current Use: Upstairs residential 2Br/1Ba with private entrance – AirBnb’d for the last 3 years averaging approx $15,000 gross income/year.

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