Fannie Mae and second home for investment property

[BQH]

We own a Residential General Contracting Business. We built a home thru our company then decided to keep it as a investment and lease it out. Since the construction loan is listed in the business name and we want to purchase it in our personal name the mortgage companies say they cant finance it. They say it is Fannie Mae regulations. Anyone heard of this? The reason? Ways around this? They say if we were purchasing it from an individual it would be no problem....

[Brian B The Loan Professor]

Welcome to the boards

I am sorry I do not know the answer to your question hopefully someone that has experience with this scenario will drop by.

I can see where transfering it to you would look like you are selling it to yourself and how that could present a problem.

Wish i had more to offer on the subject

 

B

[DallasLoanGuy]

how long will your line of credit let you keep the property before they call the note due?

 

outstanding balance?

appraised value(be conservative)?