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How do I obtain refinancing on property zoned M1, is owner occupied with no business related to it and with a short sale history?

by anitah_226_881 from Cloverdale, California. Jul 16th 2012 Reply


Gary W Smith (garywsmith)
#1 ranked lender in Washington - 108 contributions

Although you have M1, if there are other financed properties like this home within this zoned area for the appraiser to use as comps and if the zoning authority would allow for a rebuild of a home in the event of the home's destruction, then you should be able to find a lender willing to do this loan. Comparables and overall street placement will be the key. Find a good local lender and have them research these questions first.

Jul 16th 2012
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Peter Botros (PeterBotros)
#76 ranked lender in New York - 895 contributions

FHA 203k program, this will allow for the refinance of the property along with funding to have the zoning changed and the variance filed. This Program will also fund any home improvements you would like to make.

Jul 16th 2012
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 4,769 contributions

There's a lot going on there.. To obtain a conventional conforming loan, the zoning would have to change.. MI is light commercial, and you won't get home financing unless you get it changed.. That is not an easy process for most places.. The fact that you live there has little to do with how a property is zoned... Your best bet is commercial financing.. for that you need to go to www.scotsmanguide.com I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Jul 16th 2012
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Chris Mylin (chrism_408_673)
#58 ranked lender in Ohio - 32 contributions

You would need to contact a commercial lender.

Jul 16th 2012
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#0 ranked lender in

Gary has the right idea, We just did a refinance like this in Riverside CA. Contact me at 800 315 8803. My name is Bart and I have been in the mortgage business for 25 years. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. I lend nationwide.Bart Gabewww.bartprequalifies.com 800 315 8803bartegabe@yahoo.com - best emailbgabe@fnbmtg.com - bank email NMLS# 20743 - my licensing information http://www.nmlsconsumeraccess.org/ - link to look up my license number

Jul 17th 2012
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