Investor · ME · Member since 2026 · 2 posts · 1 vote
Hello, Looking for suggestions or an investor-friendly FHA broker for a $359,000 mixed-use primary residence under contract. The building footprint is 38% commercial / 62% residential. My personal income qualifies for the DTI on its own, I have the 3.5% down payment liquid, and the seller is providing a 3% closing cost credit ($10,770). I am looking for a wholesale outlet that can approve up to the HUD 49% commercial limit with no bank overlays. It's been tricky to find someone in my area of Bangor/Brewer Maine.
At 38% commercial / 62% residential you are inside HUD's usual mixed-use FHA owner-occupant commercial cap (commonly up to 49%), so the product can work on paper — the hard part is finding a correspondent that will actually clear Maine mixed-use without bank overlays on top of HUD. A few things that tend to trip these: (1) confirm the footprint % is measured the same way the underwriter will (finished square footage vs. building footprint can differ), (2) your seller's 3% closing-cost credit ($10,770) needs to fit FHA interested-party concession limits for the LTV, and (3) Bangor/Brewer can be thin for wholesale outlets that routinely do mixed-use FHA, so you may need a broker who shops national correspondents rather than a local retail branch.
Kevin Cecchine at ION Capital Solutions is a broker with access to 150+ lenders and no upfront fees — happy to help you hunt a mixed-use FHA path that matches this Bangor deal if useful.
At 38% commercial / 62% residential you are inside HUD's usual mixed-use FHA owner-occupant commercial cap (commonly up to 49%), so the product can work on paper — the hard part is finding a correspondent that will actually clear Maine mixed-use without bank overlays on top of HUD. A few things that tend to trip these: (1) confirm the footprint % is measured the same way the underwriter will (finished square footage vs. building footprint can differ), (2) your seller's 3% closing-cost credit ($10,770) needs to fit FHA interested-party concession limits for the LTV, and (3) Bangor/Brewer can be thin for wholesale outlets that routinely do mixed-use FHA, so you may need a broker who shops national correspondents rather than a local retail branch.
Kevin Cecchine at ION Capital Solutions is a broker with access to 150+ lenders and no upfront fees — happy to help you hunt a mixed-use FHA path that matches this Bangor deal if useful.
Thanks for the confirmation and points to key in on Kevin. It was going great with Tomo but they have hit a wall with waiting for an FHA appraiser who can do commercial in this area. Maine is a big and rural state and I suggested we wait longer. Also we upped the appraisal fee. But the lender is sort of giving up. I have reached out to a few more lenders but I am having trouble. I would love some help!