Buying a home with LLC?

[fastfunding]

Is it possible to get qualified for a loan?

[TJ2007]

Is it possible to get qualified for a loan in the name of a LLC?

Absolutely!

[RG1x]

It depends on your credit history as an LLC. No credit history usually means no loan....

Robert Greco
up4salehomes. com

[TJ2007]

You may have to personally guarantee the loan, but there are still advantages to holding title in a corporation or trust...

[mcole]

Keep in mind that if you get the loan through the LLC it would be a commercial loan, not a residential loan. And the rates, terms, etc would be completely different.

:cool:

[TJ2007]

Sorry mcole,

That is not really true!

There are loan prograns that allow you to finance a home on the same terms as an owner occupied residence in the name of a corporation or trust for tax/ other reasons providing of course one of the controlling owners will be using it as residence...

[Lenderles]

Great discussion!

With the LLC they will want a guarantor to sign (owner). and you will need to provide a P&L and possible 1040's for the past year or two. Unless, you as the business owner have a good long standing relationship with the bank. Then they might just let you get the loan NINA,Stated or No DOC.

Just make sure you have your "ducks in a row".

And if you believe in what you are trying to do, Dont take NO for an
answer. :cool:

[mcole]

Sorry. I was jumping to conclusions and assuming this was strictly for investment purposes. Not for someone who was looking to live in the property and personally guarantee the loan.

:)