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Mortgage for residential condominium in commercial building

I'm looking to get a mortgage for a condominium unit in a building that is 50% commercial property? I understand that the rules changed a couple years back for buildings that are over 25% commercial. Please advise.
  • March 29 2011 - Boston
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Answers (3)

You would probably be best off with a portfolio lender that keeps the loan on their books due to FNMA guidelines.  The commercial rule is based on FAR from my understanding so are you sure it is truly 50%?

Email me for some options.
  • April 23 2011
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What you have is a mixed-use property. It would be good for you to know if it's zoned commercial or residential. I suggest you talk to a few commercial lenders in Boston.

Happy funding, Rudi
  • March 29 2011
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fannie mae guidelines state that not more than 20% of the total square footage of the project can be used for commercial purposes.
  • March 29 2011
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