Posted by colvegas on January 16, 2006 at 01:51:47:
I see where you are going and the loan is in your name and you wish to transfer title to our corp, you can do that but if the lender finds out the could potentially call the loan for an illegal transfer not that it will happen but you will not be able to take it off your personal credit even if the deed is transferred to corporation. One thing you can check on is building corporate credit but that takes awhile to establish.
AS to the assumable FHA I do not understand that part buying properties with all cash then do a cash out with an assumable FHA…??? why tie up your cash in that way to begin with…???
Now using a land trust you can vest the title to your designated trustee the note though is still in your name but if you setup the property properly you can obtain a 100% debt to income on the property and be able to qualify for your next loan.
You can email me at colvegas07@hotmail.com if I can help further…
So can I buy properties with cash then cash-out with an assumable FHA mortgage? Then let my corporation assume the mortgage removing it from my personal SS #? could I do that for all properties relieving my liablity and presence on my credit report. Im probobly way off on this one. thanks for reading
Posted by River City on January 16, 2006 at 07:24:00:
I am not sure that FHA is allowing investor properties at this time. Generally if they allow investment properties, it would be a HUD repo. You might want to check their website and look at their loan programs to make this determination, or even contact a lender that does FHA loans. FHA also has an email address on their website where you can submit questions and they will respond. I have found this to be very slow and sometimes I do not receive a response and I end up having to call them.
FHA loans are assumable, however, they are qualifying assumable. You cannot just change the name on the deed without qualifying with an FHA approved lender.