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Updated about 5 years ago on . Most recent reply
Self Directed IRA Loan - Will this show up on credit report?
Hi,
I have some contacts that are willing to use their self directed 401 to lend me money to purchase some investment properties.
From what I've gathered, the terms, rates, and any other details of the loan are strictly up to the individual and myself.
The question I have is if I get a loan from this individual, will this show up on my credit report if I were to apply for a loan through a traditional bank? I'm going to be refinancing my primary home and don't want to throw off my debt to income ratio.
I'm assuming since this is essentially a private loan, that nothing is reported to anyone, other than the interest to the IRS that the individual will be making off the loan.
Thoughts? Experience from anyone?
I appreciate it!
I have some contacts that are willing to use their self directed 401 to lend me money to purchase some investment properties.
From what I've gathered, the terms, rates, and any other details of the loan are strictly up to the individual and myself.
The question I have is if I get a loan from this individual, will this show up on my credit report if I were to apply for a loan through a traditional bank? I'm going to be refinancing my primary home and don't want to throw off my debt to income ratio.
I'm assuming since this is essentially a private loan, that nothing is reported to anyone, other than the interest to the IRS that the individual will be making off the loan.
Thoughts? Experience from anyone?
I appreciate it!