There are many variables on this. Email me directly at NJMortgages@gmail.com or call 908-868-2021 and I can help you.

Sun Jun 1 2008, 12:46

How many units are you talking about? This doesn't sound like a multi-family, if it has multiple apartments as well as retail space it is called mixed-use commercial, typical commercial loans require at least 20% down however being owner occupied it would depend on how many residential rental units the building has 3 or 4 units you may be able to get by with traditional lending if its owner occupied but that all depends on the lender and the plans they have available which can vary greatly from one lender to the next.

Alison, your in Atlanta I'd suggest contacting Metro-Brokers GMAC Real Estate from what I understand those guys rule the market down there. I've spoken with one of the higher ups in that company and boy they are organized and really got their stuff together. I'm sure someone there can help you out.

If you'd like, feel free to call me and I'll put you in touch with someone close to you that can help.

--
Victor Kaminski
Owner / Broker Manager
Marivic GMAC Real Estate
2056A Lincoln Hwy. (Rt.27)
Edison, NJ 08817-3330
Office: 732-650-9911 Ext.302
Cellular: 908-884-5757
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
http://www.realrep.com

Sat May 31 2008, 20:31

Alison the home you are considering purchasing is a mixed use property (commercial/residential). As long as the total number of units is not greater than 4 you will have your choice between a commercial or a residental loan. Typically you will be required to put down 20% if the property has a commercial space in it. I have to check guidelines on another program too see if a lesser amount of downpayment is acceptable. I will get back to you.

Tue May 13 2008, 21:40

Check with your local lenders as you would other properties. The bigger concern may be the commercial zoning as typically an owner occupied 2 family unit is residential and in NJ not a big deal. (My first home was a 2 family which I have owned for 25 years. I own a second 2 family and two other single family homes. There are many great reasons to buy a 2 family for owner occupancy and rental income. My lender allows 75% of rental towards my income so you will likely qualify for more house. Often these homes sell for less than the single family same size house (in Nj any way) There are also a lot of tax benefits. Many down sides too that come with being a landlord.
Good luck with it and welcome to the club if you move forward.

Sat May 10 2008, 19:54

You would need to speak with a loan consultant. I do know that the rental counts towards your income to help you secure a larger loan than for a single family home. Please call me at 908-377-7942 and we can discuss!

Sat May 10 2008, 07:23