Looking for an LLC Mortgage Loans in Texas?
You’ve come to the right place we offer them! As a Texas Mortgage Broker, we have the most advanced programs available on the market. An LLC Loan is typical for real estate investors or those looking for a legal separation between personal assets and company assets under a Limited Liability Company. The property must be an investment loan to qualify for this program. We offer Purchase, Refinance, and Cash Out LLC Mortgage Loans in Texas.
What Types of Loans Qualify for an LLC Loan with Texas Premier Mortgage?
1. Full Doc Loan - provides a lower rate option for those providing pay stubs or tax returns to qualify much like a traditional mortgage loan
2. DSCR - investor loans using the rental income to qualify
3. Bank Statement - 12 or 24 Personal or Business Statements
What Documentation is Required for an LLC Loan?
This information will be specific to the loan program which could include the following items:
Photo ID
Income Documentation – we will review which loan option you works best for you
Credit Report Information
All Properties Owned: Mortgage Statement, Tax Bill, Insurance Bill, HOA Bill
If Applicable: 1007 Rental Schedule or 12/24 Months of Bank Statements
Down Payment LLC Options:
The options will be program and credit-score-specific with a minimum 20% down payment for the investment purchase: a Full Doc Loan, Bank Statement Loan, and DSCR Loan. The higher the down payment the lower the interest rate. Each scenario is specific to your details, and we will confirm what is needed for your purchase and what program works best.
LLC Specific Info:
1. Operating Agreement (must be signed and must list the members with % of ownership)
2. Articles of incorporation
3. Letter of good standing
4. Corporate resolution
How Long Does It Take to Close an LLC Loan?
We can process your loan in a matter of a few weeks. The process is the exact same as a conventional mortgage loan with the only difference being the mortgage note and title going into the LLC. When you’re putting in an offer a normal 30-day closing is just fine. With a complete checklist upfront, our goal is to always try to get you closed early as an option as well. When submitting complete and detailed loans to underwriting it’s a smoother process for all.
Benefits of an LLC Mortgage Loan in Texas Mortgage?
+ Personal protection liability on your real estate holdings
+ Tax Advantages
+ No tradeline listed on your credit report
+ Investor-friendly to build your portfolio
What LLC Member can be on the loan?
There is no minimum percentage of ownership required, but the primary borrower on the loan must have the authority to sign on behalf of the business entity.
- For refinances vesting in an LLC/Partnership/Corporation, there is no requirement for the business to be on title prior to closing.
o The loan is required to meet Continuity of Obligation, in which one of the following must be met: One borrower was on the existing mortgage and is a current member of the business entity OR the business entity was the borrower on the existing mortgage - If this requirement cannot be met, the loan is not eligible to close in an LLC/Partnership/Corporation OR title must be deeded out of the business entity and into the borrower’s name at closing
- Layered entities are not permitted
- Layers include trusts and additional business entities
Are Gift Funds Allowed For a DSCR LLC Loan?
- Down Payment 25% = No minimum borrower contribution required (full gift funds allowed)
- Down Payment 20% = Borrower must contribute at least 5% of their own funds
- Down Payment less than 20% = No gift funds allowed
For any additional questions we can help with feel to reach out we're always here to help on your next Texas LLC Mortgage Loan.
For more information about LLC loans, their benefits, and how we can help you, please contact us direct or submit the “Quick Quote” form on the right side of this page.
