Can a home loan typically be used to purchase a live/work space?
I recently was pre-approved for a home loan. I was looking at a normal house, but now I have an opportunity to purchase a live/work space for the exact same amount of money. Is this generally acceptable?
You may need to amend your application to a Commercial loan. Did you complete a residential loan application? And yes, it may work out, but it depends on whether the live/work space is zoned Commercial or Residential.
Comments
ask the lender for this — details vary by specific loan program.
the usual answer is ‘yes’ — but that doesn’t mean it holds in all cases.
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retired mortgage banker
mixed use property has different down payment requirements and if zoned commercial then a home mortgage will not fly at all. You will then need a commercial loan
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You may need to amend your application to a Commercial loan. Did you complete a residential loan application? And yes, it may work out, but it depends on whether the live/work space is zoned Commercial or Residential.
References :
It honestly depends on the exact title of the zoning. Basically if the word "commercial" is used you will need a commercial loan.
Mixed use zoning is very uncommon.
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