Someone help !
Well, you can’t get a conventional or fha loan....you have to get a “commercial” loan....worse interest rate and terms, or an in house “portfolio” loan from a local bank or credit union.
Why do you think you want to use your llc?
@Luis Vallejos the exact same way you would buy a home without, except use the LLC as the buyer....
Maybe I'm not understanding the question?
@Wayne Brooks well I cant buy a home under my name because of old debts students, repo, collections etc. So I made a LLC to purchase the home remodel it and flip it
@Jason D. I'm just confused to how I can purchase a home with a LLC what are the process I know they dont check pay stubs and w2's so how do i go about getting a mortgage
@Luis Vallejos most will still check those things, because you are still going to be the guarantor of the loan.
You could try to a long term loan from a hard money lender. Some of them just use the property, but the interest and fees will be higher.
An llc doesn’t hide your personal finances, you won’t get any time of long term mortgage as You would still be the one having to,personally guarantee the loan. You Might get a short term hard money loan for a flip, but it would have to have a lot of equity
@Luis Vallejos I've purchased 2 MFHs in the last year and I have an LLC but I bought them under my name, then transferred them to the LLC via quit claim deed after purchase. In both cases, I got my lenders approval ahead of time. With some loans, the Ts & Cs allow the lender to call in the loan with a ownership transfer like this so read that fine print or talk to your lender before trying to pull it off.
I recently closed two loans with my LLC. The lender pulled my credit.