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Looking for 5th mortgage noo in california

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Marina Guest	Posted: Wed Sep 22, 2010 5:54 am    Post subject: Looking for 5th mortgage noo in california Like 0 Dislike 0 We have 5 properties. 1 our residence, 3 investment, and now a 4th investment that has no mortgage. We would like to cashout refi the 4th property, which we aquired a month ago. Anyone who sells back to Fannie/Freddie wont do it, due to 4 mortgage max rule. Our credit score is very good, have seasoned reserves and good DTI. Does anyone have any recommendations? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10562 Location: ALASKA 1089.18 Dollars($)	Posted: Thu Sep 23, 2010 12:37 am    Post subject: Like 0 Dislike 0 Welcome Marina, Most of the lenders will follow the rules and guidelines as issued by the Fannie Mae and Freddie Mac. So, you won't be able to qualify for a mortgage on the free and clear property as you already have 4 mortgages. You can contact a lender offering personal property loans and check out if he can help you in this matter. _________________ Procrastination is the enemy of your financial success

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