I would like to refi a home that has been rezoned commercial.
I can t seem to find a lender that can refi my house in Fernley Nevada. When I bought the house in 2002 it was in a commercial residential zone. Now the city rezoned it commercial. Do you know who can help me refi... just to lower my payments.?Thank you Lynn Phelantealtheseel@netscape.net by tealtheseel773 from Petaluma, California. Aug 31st 2014
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
Most commercial-only zones allow existing residences to ramain, but if the residence is more than 50% damaged by fire, it can not be rebuilt. This is what makes your property inelligible for refinancing. If you can obtain a "50% rebuild letter" from the city, you should be able to refi without a problem.
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
You need to contact the appropriate zoning people. Mortgage lenders will request a re-build letter. Basically lenders want to know if the home can be rebuilt as a house again after a major issue, like a fire. If yes, you can easily get a loan. If no, then you'll have trouble.
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