Posted on: 28th Jul, 2010 01:19 pm
i'm lookiing to buy a new home but have a townhome with less than 25% equity. I have a renter ready to sign the lease but the mort company will not approve because of income level and having 2 mortgages. Can I transfer the townhome to an llc in order to keep the property as an investment and still try to quailfy for the new home?
Hi debra!
Welcome to forums!
Though you transfer the town-home to an LLC, you'll still have the mortgage in your name and your income level will be an issue with the lender. Thus, I doubt whether or not you would be able to qualify for a loan though you transfer the property into an LLC.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though you transfer the town-home to an LLC, you'll still have the mortgage in your name and your income level will be an issue with the lender. Thus, I doubt whether or not you would be able to qualify for a loan though you transfer the property into an LLC.
Feel free to ask if you've further queries.
Sussane