I have found a home I want to purchase in the state of Alabama, It is on a commercially zoned street but in
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!
Good luck. Hope it works out for you.
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.
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.
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Fair Housing and Equal Opportunity