Is it better to live in one of the apartments and get a conventional loan or should I take out a commercial loan. All help is appreciated
It is easier to get the loan if you are living on the premises. But there are loan programs for the off site investor as well. If you are using a good mortgage broker they should be able to tell you what they have available for both options. Good Luck, Kyle
If the property has 4 units or less ( a residential loan in most states), than occupying one of the units will improve your financing options. If the property has 5 or more units (a commercial loan), it will not matter whether or not you occupy a unit. Les
It is easier to get the loan if you are living on the premises. But there are loan programs for the off site investor as well. If you are using a good mortgage broker they should be able to tell you what they have available for both options.
Good Luck,
Kyle
If the property has 4 units or less ( a residential loan in most states), than occupying one of the units will improve your financing options.
If the property has 5 or more units (a commercial loan), it will not matter whether or not you occupy a unit.
Les