First Time Homebuyer Question
Hello,
I'm not sure if this is the correct forum and if it isn't I'm sorry. I had a quick question about a first time home buyers loan. Here is the situation:
I live with my girlfirend but I would like to buy an investment property. Can I buy the place with a first time homebuyers loan (so I can put less money down) and then rent the place out? Also, after I buy the place would I be able to transfer it to a LLC so I would be protected? Thanks for all your help, this website is great.
Mike
If you qualify for a 1st time homeowner loan you can declare investment property or primary residence. You can only get this loan once. Just because your loan is a 1st time H/O loan, doesn't mean you will get a higher loan amount.
I think you mean: Can you say you are going to live there and rent it out instead.
It is done all the time, is it right? That is for you to decide. Your name is on the loan papers.
Can you switch the property after closing to a LLC? Absolutely.
Lori
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