LLC

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 borrower’s six-month ownership requirement. The issue is that you would need to transfer title from the LLC to [...]

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

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 an individual or a trust. Fannie and Freddie do not allow loans to businesses. The challenge with [...]

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