Okay, here's the deal. Two years ago, I bought a 4plex using an FHA loan and have and continue to occupy one of the four units. I love it, but I want to do it again and get out of this FHA so I can get another one... My question is this: how can I legally get out of this FHA without refinancing? Can my LLC assume the property? Can I sell the property to the LLC? Looking for some options, thanks for your thoughtful responses!
@Andrew Acuna unless you have cash to pay off the mortgage you will need to refinance from FHA to conventional.
Agreed, no matter what you do with llc/title, the loan is still in your name. While fha loans are assumable....truly assumable if the new borrower is approved, (not a sub2).....an. LLC can not get/assume an fha loan....for natural persons only.