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Need to find a home mortgage loan with a small business already in the house

We are currently renting a home from my parents. We want to purchase the home, but are running into trouble because I own and opperate an in home child care within the house. We have great credit scores, plenty of income, but just cant find a lender. Any information would be greatly appreciated by tmiddl_525_945 from Montesano, Washington. Mar 14th 2012 Reply


Jori Stern (FHALender600)
#109 ranked lender in Texas - 1 contribution

Hi tmiddl_525_945,Based on what you've described here, I may be able to assist you. You can email jori@mortgageloansnationwide.com, visit my website http://www.mortgageloansnationwide.com or http://www.JoriStern.com.You can also live chat with me about your situation at http://www.houstonmortgagetexas.com.Please also feel free to call me: (866) 563-0694.I look forward to hearing from you.Jori SternSr. Loan Officer(866) 563-0694 (O)(954) 961-7634 (C)

Mar 14th 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

Contact a local mortgage broker, not a bank... Brokers have access to numerous lenders and can find the right loan for your particular scenario... Generally FHA does allow mixed use properties, but that generally refers to properties where one space is dedicated to a business and the other a residence all within the same building... so getting a hold of a local broker who is familiar with lending practices in the area would be very beneficial in helping you find the right loan... WilliamAcres.com

Mar 14th 2012
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Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

I emailed my senior underwriter to see what might be able to be done. Thanks!Paul

Mar 14th 2012
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Paul McFadden (paul.mcfaddenmortgages@gmail.com)
#42 ranked lender in Washington - 45 contributions

This sounds like "mixed-use". I don't typically have an issue with Day Care being run out of the home as long as there isn't signage, modifications of the home, etc. See guidelines below. MIXED USE PROPERTIESWe will lend on mixed use properties if it can be determined that the nature, intent, and primary purpose of the property is residential in use. The following should be considered in making this determination:o The commercial/agricultural use must be allowed by zoning and the subject must conform to zoning. o In general, the commercial use should not exceed 20% of total gross living area of the property. o Agricultural usage should generally not exceed 20% of the total acreage. o Income generated on property used for agricultural purposes should be minimal. o Commercial use should not result in significant alteration to the property or one which could not be easily converted back to residential. o The commercial use should generate a minimal amount of traffic noise. o The subject must be a single family dwelling. o The room layout must be reasonable for a residential home. o The property must be appraised as residential real estate, with commercial/agricultural value not included in the appraiser's market value. o The appraiser must comment on any affect the commercial/agricultural use has on marketability and compatibility with the subject's neighborhood.

Mar 14th 2012
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