Home Buying in West Babylon>Question Details

Wanda Nieves, Real Estate Pro in New York, NY

Can an individual get a home mortgage under a business name?

Asked by Wanda Nieves, New York, NY Mon Oct 15, 2012

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Answers

7
I agree about the personal guarantee.
1 vote Thank Flag Link Tue Oct 16, 2012
Wanda,

Yes it is possible, however, we will need to speak to discuss the property type and a few other parameters to ensure qualification. Please contact me at your earliest convenience so we can best determine your available options.

Kindest regards,

Paul F. Marzolla
Sr. Mortgage Advisor
(201) 957-6768
0 votes Thank Flag Link Mon Nov 11, 2013
I'm not too familiar with business insurance sort of thing but i have several friends that recommended me to http://www.collinginsurance.com that have been helping them out with things like this daily.
0 votes Thank Flag Link Mon Nov 4, 2013
It can be possible; for any necessary legal advice consult with an attorney.....
0 votes Thank Flag Link Tue Oct 16, 2012
Hello Wanda. I would assume so, but there are still credit requirements, income requirements, etc. The business must qualify just like an individual.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you the best of luck,


De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Direct:(631)638-6193
Mobile: (631)384-3695
cbmoves.com/DeVonte.Williamson
DeVonte.Williamson@cbmoves.com
"I Stand Behind Getting You Results!
0 votes Thank Flag Link Tue Oct 16, 2012
Hi De Vonte, I'm also an agent and I was told the only way that can be done it was in a cash deal.
Flag Wed Oct 17, 2012
You can, I have many times but you will still be required to sign a personal guarantee on the loan. You may also find that it ends up costing you more in terms of your interest rate as the lender will likely look at this as a commercial loan if you do it under your business name. As you'll be required to sign a personal guarantee I'd suggest you speak with your attorney and accountant to determine if there's a compelling reason for doing this rather than simply buying the property under your own name.
0 votes Thank Flag Link Tue Oct 16, 2012
Will this be the case in NC? As an agent in NY I ask one of my lenders and was told not possible, that it would has to be cash.
Flag Tue Oct 16, 2012
It's certainly possible. Your business would have to qualify for the mortgage based on its credit history and current assets. You may also need to sign a personal guarantee. You should discuss your situation with a loan broker to properly assess your situation.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Tue Oct 16, 2012
Will this be the case in CA? As an agent in NY I ask one of my lenders and was told not possible, that it would has to be cash.
Flag Thu Oct 18, 2012
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