Commercial Mortgage for Residential Property
Hello,
I made an offer that was accepted for a property. The issue is the property has 3 floors, the first floor has a store front and there are 3 apartment units above the store. Here's the issue, when I was going over the property, I noticed that the property was zoned residential. Even though the property is zoned residential, I figured that the storefront would make mortgage companies give me a commercial mortgage, but would this property qualify for a residential mortgage? I currently don't own property, so this would be my first mortgage ever. I prefer the residential mortgage because of the low interest rates. Any insight would be appreciated.
Thank you,
Henry
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