Financing in Missouri

[Jacob Phillips]

I have a duplex under contract that was supposed to close a week ago. My original bank, with whom I do all my business and who holds my first mortgage, was supposed to do a 25 year fixed at 4.75%. They cane to closing, instead, with an ARM that can start going up in 12 months.

I walked out.

I’m in a small rural area in mid-Missouri and everyone here is trying to call my duplex a commercial property (it will NOT be owner occupied). Am I understanding something wrong? Because I was under the impression that 1-4 units should be able to get residential financing