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Zoning - I have a property that is in a mixed-use neighborhood that is zoned C-1. Since home and businesses are mixed in the area and the appraiser comments on this, can we do a home loan on the property?

Published 08/09/2012 12:45 PM   |    Updated 08/09/2012 12:45 PM
I have a property that is in a mixed-use neighborhood that is zoned C-1.  Since home and businesses are mixed in the area and the appraiser comments on this, can we do a home loan on the property?
Zoning is not the controlling factor, remaining economic life is.  If the appraiser feels that the property has a remaining economic life of 30 years or more, before the transition to commercial has reached the point that the highest and best use is no longer residential, it is acceptable to VA.  The appraiser must consider any negative effect on the subject property from the commercial influence that is not shared by the comparable properties used in his report.