Fannie Mae Mixed Use Mortgage

Mixed-use properties are typically considered to be commercial real estate, even if they have a a residential component. And generally for such a property a commercial loans is required. But Fannie Mae Mixed Use Mortgage offers mortgages for properties that are used for both residential and commercial purposes, as long as the property meets certain eligibility criteria:

• The property must be a single-unit residential building.
• The borrower occupies the property as their primary residence.
• The borrower must be the owner and operator of the business.
• The property in question must be primarily residential in nature.
• The property cannot be changed/upgraded/modified in a way that would make it more of a commercial property rather than a residential property.
• The property must have a space set aside for a business use, such as a:
  • doctor's office
  • beauty saloon or a barber shop
  • day care facility

What is a mixed use property?

A mixed-use property is a building or development that has multiple uses, such as commercial, residential, or industrial, in one space. The uses are often integrated physically and functionally. Mixed-use properties have become more popular in recent years and could play a key role in the future of commercial real estate.

Here are some examples of mixed-use properties:

• A building that has shops and a grocery store on the ground floor and apartments or condos located on the upper floors.
• A hotel with retail stores and a gyms.
• A large development with office space, homes, and retail space.

Interested in a mixed-use property? Call our loan advisor at 877 123 XXXX or click the button below to request a free consultation with one of our mortgage advisors.

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