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I don't think that creating a business would be helpful if you are the only principal. Banks will pull the credit of any pricipal/partner that is involved in a business loan. In addition, the amount of a down payment you would need for an investment/business loan is now around 25-35%...much higher than it is for a home loan for your primary residence.
If you intend to live in the house as you are fixing it up, I would try to get the loan as a primary residence. If this is your first home, you may qualify for an FHA loan which only requires 3% down, and you could also take advantage of the $8000 tax credit if you close on the house before Dec 1.
If you absolutely cannot get a loan on your own, your other options are: to seek a partner with good credit, to arrange seller financing of the property, have the owner cary a note or possibly do a wrap-around mortgage.
-Mike
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Found a great deal . Need to find creativefunding . should I start a R. E. businessto seek loan?
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benyon62
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I would like to purchase the property to Rehab, and to live in . The problem is
my credit is in the crapper . how do I get started investing without using my
personal credit or name ? . And How do I obtain enough funding to not only
purchase the home and rehab it, but to also start flipping other properties .
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