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Updated almost 8 years ago,
Purchasing and financing a unique property. AKA Barndominium
First I want to say thank you to the BiggerPockets community. I have been lurking around on here for a while without posting and have learned a lot.
I am under contract to buy a steel building that is 40x80 with a 20x40 living quarters with a 300 square foot loft bedroom built inside the structure. It has 1100 total square foot of living area with 1 bedroom and 1 bath. The property is sitting on 5 acres. It would be my primary residence. I would consider the property to be in good condition. It is located in central Oklahoma.
Currently I am trying to obtain a conforming mortgage on the property. I am worried that this is not going to work out so I am trying to come up with a back up plan.
I have called a few small banks and they told me to call big banks. I called a few big banks and they told me to call small banks.
I would be putting 40-45 percent of the purchase price of 138000 as a down payment. This money would come from the sale of my current home. My credit is great and this would be my only debt.
My question is what kind of loan should I expect?