Posted by Kim (FL) on March 13, 2002 at 06:35:20:
Freddie Mac and Fannie Mae loans do not allow corporations to hold title nor to be on the mortgage. You have to buy via a commerical loan. OR - do creative things with sellers. People often thing that they can get residential investment loans via FanMae or FreMac and you can not. It’s a very very black and white rule with them
Mortgage Companies, Banks, Hard Money Lenders? - Posted by Dan
Posted by Dan on March 12, 2002 at 11:35:13:
Hello all-
I need a little advice. I have read many books on different aspects of REI, taken a couple courses, and have gotten myself incorporated. I am ready to jump in!! Here is my current dilema; I am trying to buy bread and butter houses cheap to hold and rent. I can get approved for conventional loans, but only up to $50K, since I have my own $140K home. Should I look at other sources of financing, more creative financing (seller holding mortgage), or look at a cheaper way to get my foot in the door, like Tax Lien Certificates?
Another thing, all the money lenders I have talked to will not let me put the title to the house in my corporation, since the loans are freddie mac or fannie mae. Am I not asking them the right questions? Thanks for your advise.