 jveenstra
Community Expert
Joined: 10 Nov 2008
Posts: 1256
Location: River Edge, New Jersey
264.15 Dollars($)
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Posted: Tue Aug 04, 2009 9:27 am Post subject: Mortgages
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There is no single, definitive answer to you question.
Mortgage money comes from portfiolio lenders and FHA and VA and Agencies (Fannie Mae and Freddie Mac) and private sources.
Agencies have strict guidelines, usually a maximum of four mortgaged properties theses days. The guidelines were put back to ten mortgaged properties, but, the actual lenders impose their own stricter guidelines and almost all of them have a maximum of four mortgage properties. Sometimes, if the mortgage is for owner occupied property, the lender may not care how many other mortgaged properties there are.
It is easy for me to quote the Agency guidleines. It is impossible to address every lender who gets Agency mortagge money because most have their own stricter policies.
Portfolio loans are a bank using its own money. They all have their own guidlines. Portfolio lenders are usually local to a cojnty or area or state. M<any follow Agency guidelines or stricter. You would have to cal local banks to find out their policy and if they are a portfolio or an Agency lender.
FHA loans are for owner occupied only. Many FHA lenders also have a maximum of four financed properties.
Private lenders often do not care how many mortgaged properties, but, they are often large down payments--40% to 50% down and often higher interest rates and often adjustables rather than fixed rate mortgages and sometimes prepayment penalties.
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John Veenstra, Sr Mortgage Consultant
Approved Funding Corp
Licensed NJ NY CT PA
201-833-0123x278
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