This is just a stab in the dark, I'm trying to think outside the box - please be kind. I'd like to buy a house but my credit is in shambles. Could a person incorporate, form a business and buy a house through the business and then lease it to his/herself? Can I do that? What are the drawbacks? Is this even possible? Are there mortgage companies that make these kinds of loans? Are the interest rates, tax advantages/disadvantages different? I don't want to rent anymore! Can someone give me other ideas on how to buy a home with bad credit...or am I screwed? Thanks in advance for your kindness and suggestions. Ben
Anyone lending to a corporation would be lending on the strength of the corportation's track record, assets and cash flow, as well as who was running it. They would probably want a personal guarantee, and pull your credit report anyway. Is your credit poor, or is your balance sheet and cash flow poor? (high debt, no assets, and no income)
I congratulate you for trying to think outside the box but there is no way in the world that this idea will fly. They will ask you for every conceivable corporate document that you could think of and will need balance sheets, income statements, etc. You dont have a company that can provide this so you are at a dead end on this idea.
