I can not say I know the answer to this, but I think property owned
in trust may be a bit different. AS far as a corp or an LLC, I
agree, what is the difference, as long as there is someone who is
signing personally for the note...I will be intersted to hear
others. I am a mortgage person, but I am still looking to crack the
nut of closing in Land trusts and all that intersting, private
stuff. Anyone ?
--- In IncomeProperties@yahoogroups.com
, <franxyz@c...> wrote:
> I've just been told by a mortgage broker that I thought I trusted
> LLC can only get an ARM, that they can't purchase property with a
> mortgage. He said this is a Fannie Mae and Freddie Mac charter
> Only individuals can sign off on fixed rate loans. Corporations,
> 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
> Second because not all loans have to conform to Fannie Mae and
> Third because I know a lot of people that purchase property within
> 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
> the conforming loan requirements that he can't even think about
> don't meet Fannie Mae and Freddie Mac guidelines?
> [Non-text portions of this message have been removed]