Can a first time home buyers purchase a commercial property ?

Can a first time home buyers purchase a commercial property ?

Rental Property Investor · Taunton, MA · Member since 2019 · 33 posts · 4 votes

What are requirements or laws towards first time? Is 25% down payment mandatory? Can I make it my personal home and live in it?

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Real Estate Broker · Winthrop, MA · Member since 2014 · 260 posts · 199 votes
7y

20-25% Down is the usual for commercial property, and no, you usually cannot live it in or make it your primary residence. 

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  • Realtor · Dallas, TX · Member since 2019 · 194 posts · 164 votes
    7y

    A lot depends on the property and zoning. In general, commercial loans are a whole different animal than residential. 

    Your best bet is to talk to a mortgage broker to see what is possible

  • Real Estate Broker · Winthrop, MA · Member since 2014 · 260 posts · 199 votes
    7y

    20-25% Down is the usual for commercial property, and no, you usually cannot live it in or make it your primary residence. 

  • Specialist · Lynchburg, VA · Member since 2017 · 162 posts · 90 votes
    7y

    Hey @klaycon Santos,
    What you could try to do is to use a FHA and claim it as a personal residence and just get a commercial insurance policy to be able to close on the loan.
    If that property is a mixed you have to get a commercial insurance in order to close and they are a little difficult to get on your own.
    Hopefully that helps with a step down the line a bit, if you need any assistance please feel free to real out.

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