Looking to buy my first 4plx and told I need a commercial loan. Need advice

Not sure who you are talking to, or if there is something special going on here, but the standard Fannie Mae / Freddie Mac residential mortgage world DOES allow the purchase of a 1 to 4 unit residential property. I'd reach out to someone else in the area. I lend in MN WI IA ND SD - Find me at MNBestRates.com - NMLS 274132

Clearly, the people you were talking to either didn't know what they were doing, didn't understand what you are trying to do, or are just trying to make more money off of you than you should have to pay. And in today's market, you should not have to accept either a 7-year ARM, or a 20-year term. Financing is available for a residential 4-plex, (that would be a single building on its own lot that has four separate living units) using either conventional financing via Fannie Mae or Freddie Mac, or, if you are going to be living in one of the units, even FHA will finance this property. Even if the property is not going to be your primary residence, it still DOES NOT require a commercial loan. Some of the rules for a non-owner-occupied property (commonly called a 'rental property') are similar, but 'Commercial' Loans are used for Commercial businesses, like warehouses or office building, and for apartment complexes with five or more units. We are licensed in CO, so reach out and let us help you get this done. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ www.ApplyYes.com 480-889-9000.