Updated almost 8 years ago on . Most recent reply
Commercial personal residence refinance
Hey all, my wife and live in a commercial property and are having trouble refinancing. We bought the property with a 203K FHA loan. We are now trying to refinance but everyone that we have spoken with has said that we will need to use an FHA loan that will require PMI, which we are trying to avoid. We owe about $360,000, and the building is worth approximately $450,000. We are trying to lower our mortgage payment which is $2,700 , and avoid paying PMI in the process. I have also spoken with our bank who gave us commercial terms which were also not as favorable as I think we can get on a personal residence. if anyone has any thoughts. Thanks so much.