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Updated over 5 years ago on . Most recent reply
Personally guaranteeing a mortgage and buying a new house
We are looking to buy a new house to live in. Preapproved and ready to go.
We also have an LLC with a rental and just took a fix and flip loan and applied for a 30 year loan.
Would personally guaranteeing the LLC loan effect the ability to buy the new house for what we have been qualified for? I don't think so but I wanted to see if anyone had experience with this. We can obviously wait the 45 days until we close on our primary house but I'm curious.
Thanks in advance!
Most Popular Reply
If the credit/loan is established in your LLC's name then it should not be reported as a debt/liability or obligation on your personal credit. The only time that happens is when you start to defaulting on the LLC's mortgage. Then its reported everywhere on both your personal and business credit. In fact your new Lender will tell you if its an issue when they run your credit again and they see it. But it shouldn't be there.