Commercial loan

You cannot do a commercial loan on a home that is zoned residential. As far as transferring the title to an LLC, it can be a problem.. FNMA guidelines allow you to purchase and refinance a home and put title to the home into an LLC after the loan is initiated, however the LLC has to be formed prior to the transaction. In your scenario, the LLC was "Recently Formed", which tells me that it's after your purchase or refinance and under this scenario it's not allowed. FNAM has guidelines in place regarding "Continuity of Obligation", and by transferring a title to a company that was not established prior to the loan, breaks this chain and the lender has additional exposure if they allow this title transfer.. Not the answer you want to hear, but it's how the guidelines are written. If you decided to refinance, then you could transfer the title to the LLC after the loan is finalized, since it's already owned by you and was owned by you prior to the issuing of a mortgage.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Well, if you are refinancing then no, you can't place it into an LLC. However, if you are just changing title, you can do that at an escrow company. If you are refinancing, then just do the refinance in your name, then do a quit claim with title afterwards to place the property into an LLC. Hope that helps! Good luck!Best,Michael

YOU do not need to go commercial unless you are running a business out of there. YOU are a landlord, if you are just renting. if it a single family home, this is a investment for you... I lived in Portland , in the 1990s, boy I miss that state!!. linda