Our rate difference would be 1/2%, but we couldn't do a 15-year fixed above $625,500 and get you that much cash out, it'd have to be on a portfolio 5/1 or 7/1 ARM, and >$625,500 the rates would actually be lower than a 15-year fixed (assuming our jumbo 15-year fixed didn't have a cash out limit).... more
A 203k can be used on a "mixed use residential propertyâ€ provided it meets the following requirements:
The floor space used for commercial purposes does not exceed...
25% for a one story building
33% for a three story building
49% for a two-story building
The commercial use must not affect the health and safety of the residential occupants.
The rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.... more