Loans and llcs

[Reyna V Ayala]

Hi I want to purchase a 2 unit in Chicago but don't know I'd a conventional 97 loan will work if I put the house under an LLC at purchase.

[Brittany Minocchi]

Hey Reyna - 

It sounds like you're planning to occupy a unit in order to qualify for 3% down, correct? If so, you'd need to go with conventional financing and unfortunately are unable to close in an LLC with that type of loan. This goes for FHA, USDA and VA as well. You can close in an LLC with a DSCR loan, but DSCR would not be an option if you plan to occupy since it's a business purpose loan - you'd have to rent out both units.