Can I have a FHA loan against a s corp i formed couples years ago? If not can I transfer later somehow? It is not in real estate related engagement , I had it mentioned as online software related business but have not activity or revenue. Neither me nor the business took and reals estate loan ever, Ideally i don't want it on my name would rather put on a business entity.
@Imran Ahmed - NO, FHA is a residential loan and can only be in your personal name, it also requires you to occupy the property for 1 year. If you want the loan in your business name you need a commercial loan
is it really totally a big no? is there a way ownership could be transferred later? what if someone is self employed or become become self employed later after closing here says at least 25% ownership in the business
@Imran Ahmed - you could transfer it later, but it negates all liability protection as you bought it in your personal name therefor "pierced the veil" of liability protection, additionally it can trigger the due on sale clause of your loan, since you do not personally own the property, which will make the balance of your loan due in 30 days.
So what would be the benefit?
I hear you. that doesn't address the point tho. I aint taking any comm loan ATM unless it has the same or better benefits than FHA
okay so have a follow up question, didn't really wanna create another thread. What it means "first time home buyer" first time in terms of FHA loan or if I ever taken a real estate loan before FHA or not? Reason I am asking I really like some properties that I can't loan through FHA because they are more than 4 units, so my other options may be some low down payment convectional loan ? but can I still keep my FHA eligibility open for future purchases of other properties with FHA loan?