Can I get a mortgage instead of a commercial loan?

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I know that each property with 4 units or more is considered a commercial establishment. That said, can I apply for a conventional mortgage on a property that the 3 units or less, or should I still apply for a business loan?

2 Comments
  1. Reply
    Andrew
    February 15, 2011 at 5:06 pm

    Yes you probably can. There are many homes like that here in seattle, i had a buddy that was going to do it, but his plan was to make one of the 4 units in the residence his private residence and his banker was going to let him use a traditional mortgage.

    You should probably go to your bank and ask the branch manager. If that bank dosn’t do it ask them if they know of any other banks that might.

  2. Reply
    NYmortgageman
    February 15, 2011 at 6:02 pm

    3 family home IS a residential mortgage, not a commercial loan. UNLESS however one or more of the units is zoned as a commercial space, then you would need a mixed use loan. hope this helps!

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