There is a great property that I want to get and to move into. Unfortunately it is zoned as a R6 - currently there is a business in there, and I can't get a residential loan on anything bigger than R4. I do intend to make it into an R4 - which should be a simple proposition, and rezone it, but if I want to buy it it has to be R6, so I can only get a commercial loan. I hear you have to put more down on a commercial loan ( the place is 600k, so if I have to put down 30% that's 200k, that's the whole of my startup capital). Now I intend to live there and rent out the rest of the places. I figure if I can move in and rezone it, can I refinance to residential? I will have very little capital after the place has been bought, but if I refinance, can I get back some of my money that i put down since I need less down on residential? What are the pitfalls of this?
Mike
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