FINANCING
YOUR BOSTON LOFT
With increasing demand for housing in urban
cities, especially in Boston, commercial
structures have been converted into residential
housing or live-work living space. These commercial
structures – once being factories, mills, and
warehouses – are often in industrial or commercial
zoning. What was once considered unusable property
has now become a sought-after niche market.
Though a loft may have a Home Owners Association
similar to a condominium, it may be considered
non-traditional by most lenders and credit unions.
Lenders have many other guidelines to housing that
lenders consider, such as Zoning, Occupancy
(Work-Live), New Construction, and High Rise
Buildings.
Choosing the right lender
might save you thousands!
Different lenders have different loan programs
for lofts. Pre-construction projects will require a
long term "lock in" interest rate, sometimes over a
year. A high rise building is not a FANNIE MAY /
FREDDY MAC approved loan. When choosing the right
mortgage broker, he/she will find the right loan
program for you.
|
