I am curious, if a home is owned by an LLC and the Member of the LLC is living in the home, can that be financed with less than 20% or 25% down? I know conventional loans that are owner occupied can be as low as 3%. Thanks!
Usually if a loan is getting commercial financing, it will require 20%+ down. If the member of the LLC is living in the home, is there a reason they are not getting a conventional mortgage? Those products are where you can get the down payment with 3.5% or so.
Thank you Dan, my father is actually an attorney also. But I just wasn't sure if it could be a conventional mortgage after being owned by a LLC. Thanks!
No, low down payment owner occupied loans, or any conventional or fha loans for sfh’s, are for Individuals only, no entities. I can not imagine why you would want own your personal home in an llc, you lose the capital gain exemption when you sell also.