Financing in 80211>Question Details

Alexandraf, Home Buyer in Denver, CO

Potential Denver Home is Zoned B2 - How Does that Change Loans and Resale Value?

Asked by Alexandraf, Denver, CO Wed Feb 13, 2008

I was just about to put an offer on a house in metro Denver, about 2 miles from downtown..Then was told that because the row home is zone B2 that I would have to put 10% down on this house, which is priced under $200,000. I am a great buyer with outstanding credit. I will have no problem qualifying and have been told that the best option for me for a house under about $200,000 was to only put 5% down.

I would like to keep as much of my own cash as possible, even though I can afford to put down more.

The row home has two other row homes on either side of it, and both are occupied with residents. I would live in the row home, and I work downtown and would not work in the home (at least right now).

How does B2 zoning change my loan options, and how do you think the zoning will affect my potential re-sale in the future... aka, are buyers attracted to that zoning or do they dislike it?

Would a B2 zoning be a good idea for a first-time buyer?

Thanks for your help!

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Hi I agree with Jodi. I have sold such homes recently and there was never an issue with the lender about raising the amount of down payment. If you are being represented by a Realtor, he/she should be handling this for you - and at least setting you up with a new lender!
The B2 should have no effect on the resale - It is what it is - an attached home. Pure and simple.
Get another lender - Good luck

Warren Petracek, GRI, SRES
Broker Associate, Showcase Properties Unlimited
0 votes Thank Flag Link Sat Mar 8, 2008
B2 zoning allows for single or multi-family dwellings and is not exclusively commercial. I have attached the link for the Denver County zoning guidelines below.

http://www.municode.com/resources/gateway.asp?pid=10257&sid=6

You should review Chapter 59, Zoning; Article IV, Zone Districts; Division 7.

I am curious from whom the information on your downpayment came. If you are purchasing the property for residential use and as an owner-occupied property, zoning should not be an issue for the lender. In fact, to change the current use of the property from residential to commercial may not be as easy as one would think.

While no one can predict resale value into the future, I don't believe that the B-2 zoning will help or hinder your resale.

I hope this helps!

Best regards,
Jody Wagner
EcoBroker
Intero Real Estate Services
0 votes Thank Flag Link Wed Feb 13, 2008
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