All Forum Posts by: Ashley H.

No need to refinance. At least not right away. There are two main risks when transferring the deed over to an LLC:

1. The lender accelerating the loan: Check with your loan servicer to see if they will allow the transfer. I'm not sure how it works for VA, but for conventional loans, Fannie Mae specifically allows this if certain conditions are met. Maybe VA has something similar.

2. Voiding your title insurance: Check with an attorney/your title company to confirm there will be no issues. They may recommend a warranty deed instead, or they may tell you a quit claim is fine, but make sure you have their blessing either way.

So I'm looking to buy a property and have recently hit a snag. I was hoping to avoid a conventional loan in order to take title directly into an LLC, rather than my own name and having to deed it later. The nonconventional lenders also tend to close faster from what I understand. The problem I'm having is the lender I'm working with is unwilling to lend to an LLC that is owned by another LLC (i.e. a Wyoming holding company). Is this common for nonconventional lenders? It's not like I'm the first person to have the holding company structure. Am I better off just maxing out my conventional slots before I go the alternate route?

Bumping this thread, as it appears Freddie Mac has finally followed suit, per section 8406.4(b) of their servicing guide.

Apparently it’s not uncommon for offers to be rejected if a buyer is financing via Wells Fargo or Bank of America. 

I’d like to know this as well. I’ve historically used Ally and Synchrony, both of which are great, but neither offers business accounts. So I opened one at Axos, and have so far not been pleased.