If the loan is a commercial loan issued directly by the bank, it is not required to follow Fannie Mae or Freddie Mac underwriting requirements, but that also generally means higher interest rate and shorter lock in time for the rate.Here are Freddie Mac LTV requirements:http://www.freddiemac.com/sing...Here are Fannie Mae LTV requirements:https://singlefamily.fanniemae... 

If you would be able to go back 20 years in time and drive the Philly neighborhoods and observe the gradual change in certain neighborhoods and the factors that contributed to change in each area, you would have a good understanding of how the change has happened and why. 

Other businesses around are all body shops, machine shops and similar businesses.However, at this point in time, this area is fast developing and the bodyshops and machine shops are starting to get replaced by housing units and other consumer oriented businesses.We would like to build a structure on our land and rent out.

HELOC's for the most part carry an adjustable rate and they will definitely go up in time.

I understand it's not common to record a contract with the county, but my understanding is that it's the best action to protect the deal at this point in time.

I think that as long as you’re no more than 25% commercial in total space usage, there are no more than 4 units total, and you’ve got a ‘remaining economic life’ of at least 30 years (on the residential portion)- you still would be able to benefit from your VA loan product benefits 0 downNo PMINow you could work with some potential monthly rental yield from a renter in your ‘commercial space’- and you might be able to refinance IRRRL (Interest Rate Reduction Refinancing Loan/ VA Streamline), saving more there in time maybe if you’re sure of the following;Provable benefit- 1.

If they don't respond in time, make your next offer.

If I could go back in time, I would have definitely started house hacking as a university student and kept that going until I got married.  

If you can cash flow it at the present values (and feel you could get more in time) then it could be a go.

Your agent and lender can guide you in the process and if they are intimately familiar with the market then they will know how best to help you accomplish your goals.