Can I Refinance out of an LLC into my own name?

Question

I am flipping a property in my LLC that I have decided I want to live in. How can I refinance out of the LLC into my name as a primary residence? Can I do a cash out refinance when I do it? Is there a seasoning period?

Account Closed · Answer

@Ryan Huddleston

• Fannie Mae requires that title be held to the property in the name of the LLC for a continuous timeline of a minimum of 6 months for partial eligibility but for full eligibility it would be 24 months.

Melvin List · Answer

@Ryan Huddleston You can refinance the property without a seasoning period and have the title transferred in you personal name at closing.

Stephanie P. · Answer

To cover your bases, talk to the title company that did the original loan and make sure they won't hit you with transfer taxes going from the LLC to personal ownership. Shop that around because some will and some won't.

Feel free to PM me if you need additional guidance.

Stephanie

Harjeet Bhatti · Answer

@Ryan Huddleston No we do not offer HML or portfolio loan. Its regular conventional loan..

Harjeet Bhatti · Answer

@Ryan Huddleston  You can cash out on your name under delayed financing exception If you purchase in cash.  No seasoning required.

Ryan Huddleston · Answer

I actually just started the LLC so right now its has not paid taxes. It does have a EIN number, not sure if that matters.

Dave Foster · Answer

@Ryan Huddleston, if that LLC is a disregarded entity (it doesn't file a tax return and you are the only member) then you're really the tax payer anyway so moving it back and forth should be no problem.  If it is regarded you'll want to get your accountant's blessing on distributing it from the LLC into your name.