As mentioned above look in the loan docs for reference to 'condition' or 'use'. 

This creates two loan payments ($100,000 of equity and $300,000 on the new mortgage).Key NumbersHome Equity Loan Interest Rate: 6%Mortgage Interest Rate: 7%Rental Income: $3,000 per monthExpenses (management, taxes, insurance, maintenance): $800 per monthIncome and ExpensesMonthly Rental Income: $3,000Monthly Expenses: $800Monthly Mortgage Payment: $2,000ExplanationThe investor earns $3,000 in rent each month.They pay $2,000 on the investment property mortgage and $800 on other expenses.This leaves $200 profit each month or $2,400 per year.However, you have to pay $6,000 interest on the equity borrowed.This leaves you with an annual loss of $3,600.While the rental property generates positive monthly income, the interest cost of borrowing the initial $100,000 results in an overall loss.

.- at year 7, can i extend balloon or notNo, unless it's in the contract or the seller agrees to it. 

Are there any lenders here that can finance a conventional loan without a full 2 years of work history?

I want to do a bank statement loan(I’m an independent contractor)with just me on the new loan in Texas .

Required good credit, adequate reserves, full doc commercial loan with a personal guarantee.  

keep going after it. run lots of numbers and do a lot of underwriting. feel free to reach out at any time if you need help in your market. these properties that are 3 units are rented and then a cash out refinance that not only makes money but returns full capital to the investor on DSCR loans similar to the interest rate you mentioned above. 

The loan would be $1M+.

Last week we sent an addendum to extend the mortgage contingency because it's been difficult to schedule the appraisal due to the very slow agent and scheduling around the current tenants.

Sounds like you're asking for a private lender to go into second position to convert equity into cash behind an existing loan on these properties.