Posted on: 27th Dec, 2010 04:21 pm
Hello,
I have 4 rental properties deeded to my LLC and the local banks do not report them on my credit report, so they do not show up. The only way the current lender will see the properties is on my tax returns because of the deductions. Will they still deny me the ability to aquire an additonal primary residence through FHA?
I have 4 rental properties deeded to my LLC and the local banks do not report them on my credit report, so they do not show up. The only way the current lender will see the properties is on my tax returns because of the deductions. Will they still deny me the ability to aquire an additonal primary residence through FHA?
Hi woodss!
Welcome to forums!
The lenders will check your tax returns before approving you for a mortgage. If you already have 4 properties, then there are chances that the lenders won't be ready to give you mortgage in order to buy another house.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The lenders will check your tax returns before approving you for a mortgage. If you already have 4 properties, then there are chances that the lenders won't be ready to give you mortgage in order to buy another house.
Feel free to ask if you've further queries.
Sussane
The chances are they will deny you due to the fact that you own several properties. It looks like you're trying to take advantage of the minimum down payment requirement for FHA.
