Adding Person to Title

[Nicolas Pretelt]

Hi BP,

I am in the process of buying a owner occupied property with a FHA loan.

After closing is it possible to add another person to the title? My biggest concern is obviously not breaking any laws or losing the FHA privileges.

I am thinking I can either: 1) Add their name to the title or 2) Create an LLC to take over the ownership of the property?

Thanks!

[Kai Kopsch]

It's against FHA rules to change ownership to an LLC within one or two years. You will be required to move into the property within 60 days of closing and reside in it for at least one year. Please talk to you're lender before doing anything. If you like to add a family member or someone you live within this home, this can be done easily by a quick claim deed