Need of help for Families Property
I am in need of help with a family home, that if I move forward and buy the property it will be my first REI.
My fiance's mother passed away a year ago, and we had to put her father in a home. Her Property in North Houston, now has been passed down to my fiance and sister. The current issue is they have 30 acres with mineral rights attached for collateral which the bank that has the loan is wanting that poperty pretty badly. So to make a short story long:
The current house is worth about $240k with $179k left on the loan. It has an interest rate of 5% which is really high. I have my personal home now and it is worth around $230-$240 and my loan officers are saying that i would have to use this property as my main residence which I am not interested in doing and that my interest rate will be around the same 5%. I have already put 10k into remodeling and fixing a few things and the sisters have no problem selling to me, I just need some guidance on how to get the right loan and if this is a good investment. Thanks for the help in advance