I am about to buy a 3 story building. 1st floor is a pizziaria-occumpied, 2nd floor is 2 rental units-occupied, 3rd floor-empty is my home to be. The buiding is certainly zoned mixed use, but I want to get the better residential rates. as 2/3rds the building is residential, will someone out there write this residential? Total price: 500K I can put up to 30% down in needed

thanks for any insight

peter

While the loan will probably not go residential, with it being owner occupied you could probably get a decent interest rate. What kind of rate are you looking for? I use 2 or 3 residential wholesale lenders who also fund small commercial, mixed use properties. With the down payment you'd fall right into their criteria. Also, they will go up to 80%, so you could possibly use a portion of the "down payment" to buy down the rate to something comfortable, and fixed, on a 30 year amortization.....wouldn't be that different from a residential loan, payment wise.

thanks for yor reply. I would be happy with anything under 7% 30yr fixed 20% down.... pb

How's your credit? You can im me on yahoo as ChrissiRunnels anytime if you have questions.

Need credit restored Please call me This could help you get this rate down by getting your credit a better score It sound like you might have some problems,The time this takes is 45 days depend on what you have on file at Equifax,TransUnion,Experian.

The loan would not go residential, but you may be suprised at the aggressaive rates available on mixed use building that include residential