David R Youngs - Senior Mortgage Consultant (DavidRYoungs)
#2 ranked lender in Minnesota - 33 contributions
Most lenders are actually going to require that the loan is closed in a "Revocable Trust," also known as an "Inter Vivos Trust." Not as many allow for an "Irrevocable Trust."Here is some helpful information on how these typically work. For Fannie Mae loans (which is what most "Conventional Loans" are through), it is acceptable for title to the property to be vested solely in the trustee(s) of the inter vivos revocable trust, jointly in the trustee(s) of the inter vivos revocable trust and in the name(s) of the individual borrower(s), or in the trustee(s) of more than one inter vivos revocable trust. So any of these could work.An important additional point is that an "attorney's opinion letter" stating "all above warranties are met" will be required on all loans closing in trust. So you'll want to be prepared to provide this, along with all of the trust documents for review.I hope this helps! If you have any further questions or would like to have a conversation about your loan options, please feel free to contact me directly at 651-636-2840 Ext 12 or email me at firstname.lastname@example.org. Thanks for the question!