Can a first time home buyers purchase a commercial property ?

3 Replies

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

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

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.