I want to purchase a single family structure that is zoned commercial. The purchase price is only $120K. What type of loan should I be looking into and why?
700 + credit
$60K annual income
What is it zoned as?
More than likely it is a GreenPoint deal. You will need a broker.
It is zoned as Other commercial structure?
Is this in a commercial district?
Had this happen once before. Client purchased w/ LOC then wanted to resell it. Because it was commercial, Potential buyers had to either pay cash or get a commercial loan. You need to contact city or county zoning department. Find if they would be willing to change back to residential. It may not be as easy as it sounds to get the change though. The last one that I did the county wanted the land to remain commercial and would not grant the change.
Good luck!
Not a problem. It’s just a non-prime niche deal. A broker can get you financing.