Can an LLC purchase a home in California?

Asked over 1 year ago - Newhall, CA

I live in Newhall CA I want to purchase a home I don't have great credit but I own an LLC with impeccable credit. can I purchase a home under the LLC?

Attorney answers (3)

  1. Michael Raymond Daymude

    Pro

    Contributor Level 20

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    Answered . Your personal credit will affect your ability to purchase a home. In nearly all cases the lender will require you to personally guarantee the loan to an LLC and your credit will therefore be a deciding factor. That being said -- credit is only one factor lenders consider and it is less important as the loan to value ratio decreases.

    I am licensed in California only and my answers on Avvo assume California law. Answers provided by me are for... more
  2. Justin C. Lowenthal

    Contributor Level 14

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    Answered . An LLC is a legal entity which can acquire and own property. Therefore, the answer to your question is yes, an LLC can purchase a home. That being said, unless your LLC has sufficient assets and/or credit history, a personal guaranty from you will be necessary. The lender will seek to minimize the risk of their loan as much as possible.

    This response is not intended, nor should it be construed as legal advice. Any information provided is for... more
  3. Justin Drayton Graham

    Contributor Level 13

    1

    Lawyer agrees

    Answered . Yes

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