Profile picture for Mr.Change

Can I purchase A house in the name of my LLC without a personal gurantor in Alabama?

I am looking to purchase a home in Alabama. I have poor credit and just want to own a home vs renting all my life. My credit won't help me make my dream a reality . I am looking to purchase a home and would like to know if I can buy it in my company's name in Alabama? Please help or offer me some solutions as to how I can possibly get this done if possible.

Thanks to everyone in advance for the answers and solutions.
  • August 08 2011 - Birmingham
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Answers (3)

Profile picture for wordsmth
It depends on the lender, not where you're located.

However, the answer is almost certainly "no." Even investors (and others) with really good credit usually have to provide a guarantee. After all, the lender doesn't want to be stuck with a property and no way to seize it if the borrower defaults.

If you want to buy conventionally, then you have to work on improving your credit. You could consider creative financing--lease-options, for example--but there are some hazards and risks involved there. And even then, the option period is only giving you some additional time to clean up your credit before you purchase. Or you could look for properties with owner financing, where the owner would be more lenient than a conventional lender would.

Hope that helps.
  • August 08 2011
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Improving your credit would be the best solution.

Happy funding, Rudi
  • August 08 2011
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You can buy it in a company name but most banks will not lend without a personal gaurantee. 
  • August 08 2011
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