getting residential loan for retail space

Yes, it will be considered a commercial space because of the retail space below, even though your plan is to occupy the loft upstairs. What were you going to do with the retail space below?

I don't know of any residential loan options that would allow this unless you are going to use the first floor commercial space for your own use (business or commercial) and the upper 2 floors have to be a single residential unit. You might look for a lender that has a portfolio loan program that will allow this.

if the residential square footage is less than commercial square footage , I will be able to lend you as a residential .the loft must have a certificate occupancy as residential

This is considered a "Mix Use" property, and FNMA does have provisions to allow this type of property.. There are very specific guidelines that have to be met.. first, it has to be primarily a residential property, so the square footage of the residence must be greater than the retail space. Second, the zoning has to allow both a residence and retail business, and third only certain businesses are allowed, Bar's, dry cleaners are not, day care, doctors' office, barber shop are... the guidelines are extensive, but it is allowed.. This has to do with Fannie Mae purchasing the loan.. but Fannie Mae is not a lender, they are a clearing house... the lenders or those with the $$$ will have their own set of rules, and this is where you might run into a problem.. most lenders don't want to lend on Mix Use properties.. another hurdle you might have is regarding the loan amount.. conforming loan limits for FNMA is $417K. New York is in a "High Cost" area and allow $625,500 for one unit, but yours is technically a 2 unit, so they would allow $800,775. This is the maximum loan amount.. So the best thing you can do is search for lenders who will allow mixed use properties.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

so I have to say it will need to be done as commercial loan.why are you hesitant on doing it as commercial?feel free to call me 5167285212...charlie

Depending on the square footage of the residential and commercial space, the zoning of the property, and the type of business that will go into the retail space along with meeting other loan qualfication criteria, we could possibly offer a mixed use loan to you. Let's discuss your loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been in the mortgage business since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803 or 973 979 4100.