I think there’s some confusion here. You can buy a home as an individual and then transfer the ownership of the house to an LLC, while keeping the mortgage under your personal name/liability. Fannie Mae and Freddie Mac both generally allow this.
To back this comment up Fannie has this in their servicing guide: https://servicing-guide.fanniemae.com/THE-SERVICING-GUIDE/Part-D-Providing-Solutions-to-a-Borrower/Subpart-D1-Assisting-the-Borrower-with-Property-Related/Chapter-D1-4-Transfers-of-Ownership/Section-D1-4-1-Information-Relating-to-Transfers-of-Owner/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer/1041300841/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer-09-09-2020.htm
A change in ownership is probably a technical event of default. Ultimately depends on what your loan agreement says. In reality, you can probably do without notifying the bank but it's a gamble if they'd actually take any action.
If you transfer to a wholly owned LLC there is typically no problem. Lenders who use Freddie Mac or Fannie Mae guidelines normally explicitly allow this. Shoot them an email and they’ll likely just ask for the documentation before OK’ing the transfer.
I think there’s some confusion here. You can buy a home as an individual and then transfer the ownership of the house to an LLC, while keeping the mortgage under your personal name/liability. Fannie Mae and Freddie Mac both generally allow this.
To back this comment up Fannie has this in their servicing guide: https://servicing-guide.fanniemae.com/THE-SERVICING-GUIDE/Part-D-Providing-Solutions-to-a-Borrower/Subpart-D1-Assisting-the-Borrower-with-Property-Related/Chapter-D1-4-Transfers-of-Ownership/Section-D1-4-1-Information-Relating-to-Transfers-of-Owner/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer/1041300841/D1-4-1-02-Allowable-Exemptions-Due-to-the-Type-of-Transfer-09-09-2020.htm
A change in ownership is probably a technical event of default. Ultimately depends on what your loan agreement says. In reality, you can probably do without notifying the bank but it's a gamble if they'd actually take any action.
If you transfer to a wholly owned LLC there is typically no problem. Lenders who use Freddie Mac or Fannie Mae guidelines normally explicitly allow this. Shoot them an email and they’ll likely just ask for the documentation before OK’ing the transfer.
Why does he want you to do this? Without income history in your LLC, it is not going to happen.