VA Home Loan + LLC + Revocable Land Trust

[George Manuel]

I purchased a home in Norfolk VA using the VA loan some time ago. I'm interested in purchasing another home in the area but I don't want to sell the one I have and I want to maximize my borrowing power. Because of some other ventures I already have a registered LLC in VA. If I were to create a Land Trust for my property and assign it to my LLC:(1) would the Mortgage show up on my personal credit or would it be payable by the LLC? (2) Are there any legal pitfalls in your experiences that I should be aware of?

[Zack Karp]

@George Manuel the existing loan will still be in your name and on your personal credit report, even if you transfer ownership to a LLC, create a trust, or any other change to title.

The only way to get the actual loan out of your name and off your credit report is to refinance to a commercial/portfolio loan in the LLC name, obviously at way worse terms than your VA loan.

TYFYS and best of luck!