Financing in 35954>Question Details

Lvaughn79, Home Buyer in 35954

I have found a home I want to purchase in the state of Alabama, It is on a commercially zoned street but in

Asked by Lvaughn79, 35954 Thu Aug 20, 2009

an area with many other homes being used for primary residences. The Mortgage company says I have to have a commercial loan, the commercial loan people say they can't loan on a primary residence and so I see no way to purchase the home, short of cash, BUT If I pay out the cash and by it out right would I later be able to get a home equity loan if I need to make repairs or will the same problem come up with zoning. Is there no loop holes? Other people live there so there so there has to be a way, But no one will give me a strait answer. Please help!

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Good luck. Hope it works out for you.
0 votes Thank Flag Link Fri Aug 21, 2009
I called to check on zoning today, they say it is zoned for single family, and duplexs, not actually commercial. I am waiting to hear from my mortgage broker to see what this will mean for us. Thanks for the answer.
0 votes Thank Flag Link Thu Aug 20, 2009
Did you check to see if the zoning would still cover both residential and commercial? Call the city of County where the property is located and double check the zoning.
0 votes Thank Flag Link Thu Aug 20, 2009
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