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If I apply for a conventional or fha loan and it falls through am I required to seek a commercial loan in louisiana?

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Guest	Posted: Wed Jul 28, 2010 10:07 pm    Post subject: If I apply for a conventional or fha loan and it falls throu Like 0 Dislike 0 The contract is in my name and says contingent on obtaining financing for 96 percent of the property's value. The loan did not clear underwriting because of the uniqueness of the property and there were not adaquate comparables. Agent informed me several days later but said he had found a lender that could do a commercial loan. The commercial loan I have found out is not long term and is not a fixed interest rate. Would I be required to get this kind of loan?
jerry Moderator Joined: 17 Oct 2005 Posts: 2708 Location: MICHIGAN 429.63 Dollars($)	Posted: Thu Jul 29, 2010 3:00 am    Post subject: Like 0 Dislike 0 Hi Guest, It is not mandatory for you to go for a commercial mortgage. A commercial loan is granted to different types of business entities. Sometimes, the commercial loan is extended to help a company with short term funding for basic operational functions as well. Generally, such loans are not extended in case of a residential property. Thanks, Jerry

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