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I generally do that, does the bank still have you Cosign? I put properties into an LLC and always need to cosign on the note. I was under the impression that pu
by johncessna 6y ago
I generally do that, does the bank still have you Cosign? I put properties into an LLC and always need to cosign on the note. I was under the impression that putting 20% was mandatory for investment properties if you're getting a note from a traditional lender (ie bank, not the mob)
- busterarm 6y agoThat depends on the bank and the structure/finances of your LLC(s). If your LLC already has a good business relationship with the lender and enough assets, you can get them to skip this. Also you don't have to put down 20% if you're willing to pay PMI and a bank is willing to lend to you, but to be competitive some banks are foregoing PMI (likely self-insuring the mortgage? Not sure how they can but I've seen it done)...which is craaaaazy to me.
- johncessna 6y agoAh, I missed the context. I was speaking from the standpoint of investment properties. If you're buying a place to live in, then, agreed, you don't need 20% down. I think there are some products with 0% down.