It was a little frustrating because I'd been in communication with these lenders from very early on, sharing all details with them from the start and repeatedly remarking on the Trust ownership, and stayed in contact with them throughout the discovery process as I firmed up everything on my end, and now I have the plans, the contractors, the OOP funds, and basically everything else ready to get started within 1-4 months, but I'm back at square one re: loan.

Then I thought I could buy the house from my dad for $300,000, which would include the money needed for the rehab instead of doing 2 separate loans.

In the state/city these said parks are located two banks will finance with about a 20% down/balloon pymt type loan/15-yr amortization.

It’s not worth the risk of accidentally missing a step or filing something incorrectly and extending your possession by weeks or months. 

Loans from a bank are about 8.2% for single family homes.

As we all know, Fannie Mae has come out with their 5% down, owner occupied loan for multifamily (2-4) properties.

It's crucial to note that this does not mean the buyer assumes the loan; the original loan terms and obligations remain with the seller, which includes the debt remaining in their name.The bank's involvement is minimal in the sense that the loan is not officially transferred.

The loan is issued to an individual or a disregarded single-member LLC, as opposed to loans issued to partnerships or corporations. 3.

We were going to use a VA loan to purchase the property.

My loan was processed smoothly and quickly.