Newsflash: FHA/ MSHDA loan, zoning issue

Hello, I was pursuing a MSHDA loan from the FHA (Michigian State Housing Development Authority), for a home I was trying to purchase. However, after the bank assessment, it was revealed that the home, and a few others, was in a B1 commercial zone. Chemical Bank (my lender) said the FHA will not issue a home loan in a B1 zone, or at least will make things difficult. Is there anything I can do at this point? I am a first time homebuyer with A+ credit, but this FHA loan had the best rate, even better than a VA loan.



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