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Updated about 6 years ago,

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Jason Newman
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help: loan application issue due to property classification

Jason Newman
Posted

Hi, everybody. I am applying for a loan since I am planning to buy a duplex. Somehow, my lender told me that "On the property tax that we found, this property is classified as commercial, not residential. It might affect the appraisal", I told them that it is a residential property, then they told em that  "we don’t provide commercial loans, and it’s not about the property type. Even though it may be a residential home but if the classification falls under commercial, we won’t be able to move forward with appraisal."

Anyone has any input about this? How can I get the loan to close the deal? Should I switch to a commercial loan or what? Thanks a lot in advance!!!