Found a SFR 3 beds, 2 baths 1734 sq ft on 0.61 lot. Listing price is $500K. The upstairs has been converted into a rental with a separate entrance and electric meter. Rental could easily pay half of mortgage.
My issue is that lot is zoned as "Mixed Use" and I would only qualify for a FHA loan. What else can I do to get this property?
Open to all recommendations.
you can still qualify for agency debt but otherwise start making calls to lenders that offer special financing or go back to seller .. there is always a way
@Justin Kane Thank you. Regarding going back to seller, what does that mean? The listing says they accept CONV, FHA, VA loans, but because its zoned as mixed use, my understanding is highest and best use would require a commercial loan or something other than your standard residential loan.
what i do is always try to understand why they are selling what their needs are, sometimes they just need enough money for a medical procedure so I give them that much down and have them carry the note or wrap for 5 yr carry
I getcha. Ill check with my realtor if she can get some more info from the seller.
Thank you for your advice.