Aug
22
Can I use a mortgage instead of a commercial loan?
By
I know any property with 4 units or more is considered a commercial property. That being said, can I apply for a regular mortgage for a property that has 3 units or less, or do I still have to apply for a commercial loan?
Quick Property Sale
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2 Comments
August 9th, 2009 at 12:37 pm
Yes you probably can. There are many homes like that here in seattle, i had a buddy that was going to do it, but his plan was to make one of the 4 units in the residence his private residence and his banker was going to let him use a traditional mortgage.
You should probably go to your bank and ask the branch manager. If that bank dosn’t do it ask them if they know of any other banks that might.
August 10th, 2009 at 1:13 am
3 family home IS a residential mortgage, not a commercial loan. UNLESS however one or more of the units is zoned as a commercial space, then you would need a mixed use loan. hope this helps!