An adult, pursuant to that state’s laws, can make an application for a mortgage loan.
According to Fannie Mae, “borrowers who are natural persons and have reached the age at which the mortgage note can be enforced in the jurisdiction where the property is located” can apply; there is no maximum age limit for a borrower.
An exception to the above is an inter vivos revocable trust. We have closed loans in the name of the trust.
However, a LLC, Corporation, or Partnership cannot apply for a conventional residential mortgage loan. The loan is made to the individual, and the individual is personally liable on the loan.
There are cases where if you are purchasing an investment property, we may be able to title the property in a LLC or corporation.
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Counsel Mortgage Group®, LLC
AZ MB #0909580
CA DBO #60DBO43873
John Rapasky is the President of the Counsel Mortgage Group, LLC. Copyright © 2018 Counsel Mortgage Group®, LLC.