Good morning everyone!
Me and a business partner are in the process of forming our LLC, in Dallas Texas, which will own all properties we buy and hold in order to build equity.
Due to low investment capital up front, we were throwing around the idea of my wife and I applying for an FHA loan, in order to take advantage of the low down payment, and possibly transfer this property to our LLC.
Is this something that is done regularly? I mean, I feel like there has to be something preventing a move like this.
I have also found documentation on a quitclaim deed transfer and wondered if this, given that the transfer process to the LLC is doable and legal, is the way to go for transferring.
If the quitclaim deed transfer is not the way to go, but the transfer process mentioned is something that we can do, what method would you suggest for executing the transfer?
Thank you in advance for your time and input!
FHA loans are intended for owner occupants. http://www.fha.com/fha_article?id=371
"The short answer to these types of FHA loan questions regarding occupancy and renting out the property? If you want to buy a home, the FHA expects you to use it as YOUR home."
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