Posted on: 12th May, 2011 06:26 pm
I posted this on the wrong forum, so sorry for the double posting.
I have located an old commercial building that I would like to convert to an owner occupied four-plex. The contract I am writing is contingent upon receiving re-zoning to residential use. Since the surrounding properties are multifamily, this is not anticipated to be a problem. Rents on other 3 units would more than cover mortgage, taxes and insurance, but I believe I qualify for mortgage based on my income alone.
Does anyone know of a mortgage company in Texas that can do a loan for purchase costs plus rehab costs? Maximum total financed would be approximately $400,000. Excellent credit, good down payment, and very low monthly bills.
I have located an old commercial building that I would like to convert to an owner occupied four-plex. The contract I am writing is contingent upon receiving re-zoning to residential use. Since the surrounding properties are multifamily, this is not anticipated to be a problem. Rents on other 3 units would more than cover mortgage, taxes and insurance, but I believe I qualify for mortgage based on my income alone.
Does anyone know of a mortgage company in Texas that can do a loan for purchase costs plus rehab costs? Maximum total financed would be approximately $400,000. Excellent credit, good down payment, and very low monthly bills.
Hi Texasdreamer,
Welcome to Mortgagefit,
I think you wish to get a quote from lender....In our community we have so many lenders (particularly 122 in Texas) and you can contact any of them and get no obligation free quote for your requirement....
you can go through this link for the lenders directory in Texas...
go through this link http://www.mortgagefit.com/texas/index.html
Feel free to ask any further query if you have....
DIPA
Best luck for your Mortgage search!!!!
Welcome to Mortgagefit,
I think you wish to get a quote from lender....In our community we have so many lenders (particularly 122 in Texas) and you can contact any of them and get no obligation free quote for your requirement....
you can go through this link for the lenders directory in Texas...
go through this link http://www.mortgagefit.com/texas/index.html
Feel free to ask any further query if you have....
DIPA
Best luck for your Mortgage search!!!!
Hi texasdreamer,
You will have to speak to the local lenders in order to get a mortgage to buy the property. It will be the sole discretion of the lender as to whether or not they will give you a loan for such a property. This community has a large number of lenders. You can seek a no obligation free mortgage quote from the lenders who participate in this community and check out if they can help you in this matter.
You will have to speak to the local lenders in order to get a mortgage to buy the property. It will be the sole discretion of the lender as to whether or not they will give you a loan for such a property. This community has a large number of lenders. You can seek a no obligation free mortgage quote from the lenders who participate in this community and check out if they can help you in this matter.