Quicken Loans Mortgage Services has increased the amount of commercial activity permitted on a property against which it will lend against. It’s mixed-use mortgage will now allow up to 25% of the property to be commercial use, up from the 20% limit it previously used. While Quicken have relaxed the commercial use requirements of this mortgage, they have restricted the amount of agricultural usage the property can have.
Previously up to 20% of the property could be used for ‘acceptable’ agricultural use. This has now been reduced to ‘minimal’ and the subject property must be ‘clearly residential in nature.
Quicken Loans closed over $80bn in conforming and government loans in 2013.