Could I tell a bank that I'm buying a mixed use property and say that 60% of it will be residential (qualifying for a home mortgage) and then a few years down road "change my mind" and use 90% of my property for commercial while still keeping my home mortgage loan? (detailed question inside)
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[{"id": "g7c437a", "text": "Has the city rezoned the property?", "replies": [], "depth": 1}, {"id": "g7c43ih", "text": "Removing your post as it violates several post requirements", "replies": [], "depth": 1}, {"id": "g7c7dmr", "text": "Issue 1, if the zoning isn't correct you can't just declare 60% of a non residential property as residential to get a 30 year fixed rate mortgage.  \n\nIssue 2, it sounds like the property you have in mind isn't already configured for residential use and you're going to need to do work to it to make it even superficially a livable space.  The loans available for this are not quick &amp; easy.", "replies": [{"id": "g7d0cb2", "text": "Ah, I see. \n\nWell how can I do this? How could I buy say a fire department or brick warehouse and use a home mortgage? Is this even possible?", "replies": [{"id": "g7d81l2", "text": "Depends on the zoning the property as it exists and the conditions of the loan you get.  Its not a zero chance but its pretty low.", "replies": [{"id": "g7d8n1j", "text": "Let me elaborate. \n\nYou need a property the is zoned residential that has enough open space to be attractive as an event rental space that you can still convince someone is you primarily residence so you can get a 30 year fixed rate mortgage in the 3% range or you numbers don't work... right?", "replies": [], "depth": 4}, {"id": "g7do6l0", "text": "I appreciate your answer. I\u2019m not too familiar with commercial loans yet.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]