Commercial or residential loan?

[Allen Lopez]

I would like to get into the comercial real estate market. So I been looking around and I think I found a property I like.

So for commercial properties, they are considered full investments so typically you need to give 20-25% as a down payment. As opposed to residential, where you can give as little as 3% for an FHA loan if it's your primary residence.

So here is the scenario:

The property that I am looking for is a two story building. On the first floor, you have a business renting from you. The top part you have a residential unit. I am not too familiar with the zoning but it looks like the bottom is zoned for commercial and the top for residential.

I was wondering if it’s possible to get a loan to buy the property as my primary residence, get a conventional loan, and live on the top floor, while rent ion out the bottom.

Really I am just trying to buy the property By giving just 10% conventional with PMI. Is that possible?

Thank you all in advance.