All Forum Posts by: Mike Anderson

Thank you for the advice but your one day late!!!! Everything worked out fine with the originator though...We are going to try and get through with an FHA loan where the house is 75% residential and 25% commercial, which will workout great becuase of the little down payment needed.....I may have enough left over to start my next venture with a foreclosure!!

Thanks again though :D

I am in negotiations on a property that is classified as Legal commercial mixed use. A doctors office in the lower section and an apartment above.

My question is if there will be any difference in dealing with the mortgage lender in the type of loans that are available with commericial properties Vs. Residential. My concern is with the amount of a down payment that will be needed. I am working with a small amount of liquid assests.

When I was on the phone with the Originator he said something along the lines of having to increase the Downpayment because it is zoned commercial and the property will be used for a commercial purpose and that he may have trouble pushing the loan through on a 30yr bi-weekly ....I have a meeting with him shortly and would like ideas and ammunition.

Thanks
Mike