Need some help here. I currently have a hard money loan using my LLC on a property in Texas. The rehab is complete and I want to convert the hard money to an FHA and live in the property. The FHA will be in my personal name, not my LLC. Is this an issue given the seller (LLC) and buyer are the same individual? A few notes about my situation:
Credit score is 690, hard money loan is $335k; house appraisal is $530k.
I can't do a conventional as I have a foreclosure on my credit that reaches it's 3-year mark of being satisfied in June 2021.
Thanks for the help,
@Melissa Smith thanks for posting! Always great to hear from a fellow Texan. Bigger Pockets does have some good state specific forums and Texas is their most active forum. Feel free to post there if you ever need some more "local" advice about things.
Based on what you described this should be feasible as long as you qualify for the other items with an FHA loan.