Syracuse NY · Member since 2018 · 24 posts · 4 votes
I know you can get a residential loan on up to a 4 unit property assuming it will be your primary residence, and you can even get a residential loan on a property with a commercial rental like a storefront beneath an apartment as long as the residential space is the majority of the sq footage. The thing I don't know for sure, is whether the commercial space counts towards the unit count. I found a property that has 4 residential units and a downstairs storefront. My gut feeling based on what I've found is that this wouldn't be eligible as residential but I wanted to double check, just in case.
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.
The following special eligibility criteria must be met:
The property must be a one-unit dwelling that the borrower occupies as a principal residence.
The borrower must be both the owner and the operator of the business.
The property must be primarily residential in nature.
The dwelling may not be modified in a manner that has an adverse impact on its marketability as a residential property.