LLC Archives - Mortgage Currentcy

Fannie Mae – Cash-Out Refinance LLC: If a client who owned a property free and clear under his LLC company for a year, can he do a cash out refinance under his LLC company?

Answer: If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrowerâs six-month ownership requirement. The issue is that you would need to transfer title from the LLC to [...]

lindy222019-01-25T08:36:48-05:00January 25th, 2019|

Fannie Mae & Freddie Mac – Property Titled to LLC: Can a borrower transfer a loan (title) from their name into the name of an LLC?

Answer: Fannie and Freddie only provide loans to individuals, not entities/corporations like an LLC. You would have to check with the loanÂ servicer to see if they would allow the title (after loan is closed) to be changed to an LLC. When you are originating a loan to be sold to Fannie or Freddie, the title [...]

lindy222018-06-25T08:25:23-05:00June 24th, 2018|

Fannie Mae & Freddie Mac-Properties Owned by LLC: How do you refinance a property when it is owned by an LLC with 50/50 partners and only one partner will be signing the deed?

Answer: If you are dealing with a Fannie/Freddie loan, this shouldn’t be a problem. However, I do want to remind you that the loan cannot close in the name of an LLC. It must be in the name of anÂ individual or a trust. Fannie and Freddie do not allow loans to businesses. The challenge with [...]

lindy222018-06-25T08:25:16-05:00June 24th, 2018|