Mortgage for non conforming units
I am looking at a property that has a single family home and a secondary building that was used by the current owner for his business. The property is zoned B1 which allows for the owner to reside there.
The problem is that years ago he remoded the upstairs of the second building to have two apartments. These are not allowed due to the zoning and since the property is in proximity to the airport which places density requirements on the parcel.
My plan is to move into the house and fix the other building up into office space to rent out. This is allowable under zoning and the local government has stated that my plans are fine. The issue I am looking at is in regards to finacing. With the two units am I going to be restricted to investor or multifamily loans even though they cannot be rented out legally? I was kind of hoping to get a primary residence mortgage since I plan to move there.
Any ideas or suggestions from the group?