Home Buying in Dallas>Question Details

Josh Coco, Real Estate Pro in Boca Raton, FL

Mixed us property loan? 50/50 use residential / commercial

Asked by Josh Coco, Boca Raton, FL Mon Aug 5, 2013

I'm trying to see where I can get a loan for a mixed use property. 50% is residential and 50% is commercial. I'll be living in this property as well. There are 2 total units for residential and one large space for commercial. Any ideas on what type of loan is needed and how much down payment? Does the income that it produces help at all with down payment or total income needed to purchase? Thanks!

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Contact any lender of your choice for all your mortgage questions. They can give you real hard answers.
0 votes Thank Flag Link Wed Aug 7, 2013
It's not a new property. It's a unit that has been renovated, but I just didn't know what type of mortgage I have to get. Nothing is being rented in the commercial portion as of now and I would not be using the commercial portion, only leasing it out. It is currently being rented for residential on the top floor.
0 votes Thank Flag Link Mon Aug 5, 2013
Hi Josh,

Since this is a new property without any lease. The income wont able to help you with the down payment or can included in your income when they calculate the debt and income ratio. Lender usually require a 1-2 years lease period before it can be counted as toward income.

I believe you will get a much better rate if you use a residential home loan. Please email me at dixondfw@gmail.com and I will be happy to help you getting on hold with a lender that will able to help.

0 votes Thank Flag Link Mon Aug 5, 2013
1. Down payment is based on amount of purchase governed by the lender demands. No professional can respond to question for fact we don't speak on behalf of another professional

2. You would require a commercial loan.

3. Income producing not apply towards your downpayment You would have to have "cold hard cash " for downpayment

4. You or your company must qualify in order purchase any property whether be residential or commercial . You don't own the property therefore that income does not apply .

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0 votes Thank Flag Link Mon Aug 5, 2013
We'd have to look at the property to see what it will take and check with your lender.
I can't envision the property.
Sounds like it might work for residential...but tough to say without knowing the property.

What does your realtor advise?
0 votes Thank Flag Link Mon Aug 5, 2013
Bruce Lynn, Real Estate Pro in Coppell, TX
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