Unless you can find seller financing it is not going to happen. Buying in the city with FHA is really tough, and I want to be upfront with you. I would be surprised if a local lender would touch this property because of the commercial. You will probably need 20% down to make this happen. All the best.
I'd like to run your qualifications through FNMA to see if I can get you qualified in your name only. As you probably know, a non-occupant co-borrower only works with FHA. I would also want to drive by the property. The Bank also has some portfolio product that might help. There is no cost or obligation
Give me a call if you wish to discuss.
One other thought - if you can get 5% more somehow, we offer 10% down with no pmi!!
Salem Five Bank
781 389 8026
It can be difficult to fund these types of loans BUT there are companies out there willing to do it.