Warning: include() [function.include]: URL file-access is disabled in the server configuration in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include(http://www.hurryloan.com/rightbar.php) [function.include]: failed to open stream: no suitable wrapper could be found in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78 Warning: include() [function.include]: Failed opening 'http://www.hurryloan.com/rightbar.php' for inclusion (include_path='.:/usr/local/share/pear') in /usr/home/ms/domains/hurryloan.com/html/answers.php on line 78   Go Back To Search Results Question There is a house that I would like to purchase for my business. It has been rezoned for commercial.? In order to buy it do I have to get a commercial loan or since it is a house can get a residential loan. Besides what is the difference between the two? By Ki J Posted on 02/09/07 Total Answers 2 Answers- You get a mortgage. Answer by : curmudgeon On Date 2007-02-09 20:05:24 I had a similar situation but in my case, we were buying it as an investment. Generally, the lenders will look for these things. Rebuild letter from the city stating that if the building was to catch fire and burn to the ground, you can build the house again. Most of the time I ran into this situation, the city says that I can rebuild it as a house if it is not a total loss. Most of the leners were fine with this. They will also look to see if there is a bathroom and a kitchen. The bathroom must be a full bath with a bathtub. However, the kitchen MUST be present. It makes sense.. How can a house be a residence if the person can't cook inside? Remember.. all lenders are different and their underwriting guidelines are different. You should try to get a Residential loan on it because they have a more favorable interest rate. Commercial loans have higher rate and depending on the purchase price, might qualify for only the higher rate products. Good luck.. You should really talk to a loan agent. If you are in So. california, I can give you some advice on loan agents. Answer by : no_mo_names On Date 2007-02-09 21:30:06   Go Back To Search Results