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If you own such a property or are considering owning one, you will want to read this. Not many people realize that it is possible to get access to a fully amortized 30-year loan from FHA on a mixed use property. However, this loan is not for everyone, and here is why: You must be an owner-occupier of the property to be eligible for the loan.
VA home loans are made by a lender, such as a mortgage company, savings and loan or bank. The VA’s guaranty on the loan protects the lender against loss if the payments are not made, and is intended to encourage lenders to offer veterans loans with more favorable terms.
What is a Mixed-use Property? Mixed-use properties include both a residential portion and a commercial portion within the same structure. There are many types of mixed-use buildings, the most common are: Large apartment building with ground floor retail and office space. Storefront with an apartment-style residential area on the second and third floor. Single-family property with a dedicated office or professional space contained within.
Some frequently asked questions related to mixed-use property loans include: What is a mixed-use loan? A mixed-use loan is a type of commercial real estate loan for a commercial property that encompasses two or more zoned purposes. For example, a building that houses both residential uses and retail shops is considered a mixed-use property.
FHA Loans For Mixed-Use Property There are FHA mortgages available to purchase mixed-use property as long as that property meets the right FHA criteria; it must be primarily residential in nature, and non-residential use of the home must not overwhelm the property.
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Types of Mixed-Use Property Loans If a mixed-use property has 2 commercial / industrial uses, lenders will only give commercial loans against it. That means that the interest rate will be a bit higher than if one of the uses were residential and, often, that the appraisal required will be a commercial and, therefore, more expensive and, more importantly, the LTV will be lower.
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