Filmchickx, Home Buyer in Fort Wayne, IN

Can someone offer REAL advice on a tricky R1 Duplex (2unit house) with a C1 detached garage??

Asked by Filmchickx, Fort Wayne, IN Wed Jul 3, 2013

I want to buy a property as an investment. The property is considered "mixed-use" because the house is zoned R1/Duplex and the Garage is zoned C1. The C1 zoning was grandfathered around 1937, before the neighborhood existed. The owner of the property/business died & the new business owner is relocating the business.
I cannot qualify for FHA (non-primary residence)
I cannot qualify for a residential loan because of the "mixed-use."
I cannot qualify for a commercial loan, because the asking price is $95k / OR, the interest rates from private equity are beyond the investment.

If the city re-zones to residential, which is easy to do, they will NEVER be able to rezone back to C1, and C1 is appealing.

The seller is weary of re-zoning because, if I can't secure financing, the seller loses the opportunity to sell to a cash buyer at a higher price.

In a nutshell, it's a house with a garage, not a condo/retail complex. How do I get financed? Are there any options here?

Help the community by answering this question:

Answers

1
Jeffrey Vaughan’s answer
Check the City of Fort Wayne's CDC of Community Development Fund Julie Sanchez was the head of it the last time i heard. depending on your proposed use they may be able to make the loan. i guess call 311 and ask for Julie or the CDC. if i remember correctly you have to be turned down for a loan before you can apply. Let me know how this works, its been a lot of years and i may be sending you on a wild goose chase. Jeff Vaughan 750-1620
0 votes Thank Flag Link Wed Jul 3, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer