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Old 09-28-2005, 11:00 AM
febeckett
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Default fixed rate loans for investors

I've just been told by a mortgage broker that I thought I trusted that an
LLC can only get an ARM, that they can't purchase property with a fixed rate
mortgage. He said this is a Fannie Mae and Freddie Mac charter violation.
Only individuals can sign off on fixed rate loans. Corporations, LLCs, etc.
can only sign off on adjustable rate loans.



I find this very hard to believe.

First because legally a corporation IS an individual, just not a "natural"
individual.

Second because not all loans have to conform to Fannie Mae and Freddie Mac
guidelines.

Third because I know a lot of people that purchase property within trusts,
and if a trust can sign off on a fixed rate mortgage, I can't imagine why a
corporation couldn't.



Is this true? Or is it just that this broker is so used to working within
the conforming loan requirements that he can't even think about loans that
don't meet Fannie Mae and Freddie Mac guidelines?





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