Can an LLC business assume a mortgage?
Yes absolutely. To be eligible for an FHA loan as a small business owner, you must fit one of the following business structures: sole proprietorship, partnerships, limited liability corporation (LLC), corporation, or “S” corporation. You are only eligible if you own 25% or more of the business. Feel free to verify HUD’s Investment Property Eligibility and Underwriting in Section 4 Section B.
- Can I own more than 1 FHA loan. Answer = No. FHA loans normally have owner occupant guidelines. If however you are purchasing the additional property under a business name (as mentioned above), you can technically own as many as you can afford.
- Can I own more than 1 VA loan. Answer = Yes. The VA allows veterans to have two VA loans at the same time even if they’ve defaulted on one in previous years. This service is called “second-tier entitlement”.