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May 13, 2008
Finding a Mortgage for mixed used property
I want to purchase a mixed used property with 5% down and an 80/15. I am having a hard time trying to get to get a mortgage. The property has 2 rentals and 1 store under 600000. The store is the only thing that needs work. Can someone advise me on how I can purchase this property?
Comments
save more money.
Posted by: guest at May 13, 2008 5:17 PM
today best you can do is 80% with 680 credit. that is assuming...
get an investor
Posted by: guest at May 13, 2008 5:41 PM
Losers like you are why we are in the mess we are in. 5:17 hits it on the head.
Posted by: guest at May 13, 2008 7:53 PM
You need a commercial rather than residential mortgage. There are fewer banks that do them, they are harder to get, and the terms are less favorable. Sorry.
Posted by: guest at May 13, 2008 9:16 PM
Actually more banks provide commercial mortgages compared to residential mortgages.
Posted by: guest at May 14, 2008 6:25 AM
Commercial mortgages are expensive and usually you need 30% down. One solution is to ask the seller if he/she would "carry the note" which means owner-finance the investment. Otherwise try to find a property that is not encumbered by a commercial element.
Posted by: guest at May 14, 2008 9:26 AM
Thanks 9:26
Posted by: fefe at May 14, 2008 11:42 AM
Try Commerce. We got a commercial mortgage with them at 25% down.
Posted by: guest at May 14, 2008 11:57 AM
11:57 what was the rate?
Posted by: guest at May 14, 2008 12:54 PM
The reason people post is they are simply asking for more information. There is no need to burn people simply for asking a question.
Posted by: greendaniel at May 16, 2008 9:14 AM
As a commercial/residential property owner, I agree with 9:16 and 9:26.
You should put down at least 30%. Save some more money. I put down 50% on my property and the terms were still not great (820 credit score).
Posted by: guest at May 16, 2008 9:24 AM
An FHA mortgage may be a possibility. FHA does provide mortgages on mixed use properties. You must live in one of the aparments.
Posted by: guest at May 17, 2008 12:29 PM
Do you intend on owner occupying the property?
Call me
718-238-7222
Posted by: MrMortgageMan at June 20, 2008 2:12 PM
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