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 slpatterson
Joined: 18 Mar 2009
Posts: 1
1.38 Dollars($)
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 Posted: Wed Mar 18, 2009 11:48 am Post subject: How many investment properties with mortgages is an idaho re |
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| We have 4 investment properties and a small mortgage on our home, which makes 5 all together. Is there a cap on the amount? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Wed Mar 18, 2009 12:04 pm Post subject: |
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lenders are putting a cap on the number of mortgages you are allowed - generally 4. you may find a lender or two who'll be generous with you, but you will also generally pay for such a privilege.
_________________
George M. Akerley
Loan Consultant
860-221-5044 |
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Mortgage_Man_X
Guest
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| Posted: Wed Mar 18, 2009 2:19 pm Post subject: I can Help With Your Mortgage! |
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Fannie and Freddie Guidelines are now 10.
[Promotional text deleted as per forum rules. Thanks.] |
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JT
Guest
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| Posted: Tue May 12, 2009 4:03 pm Post subject: Number of mortgages |
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| Where can I find the information about the change to 10 mortgages? |
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eric1
Community Experts
Joined: 04 Jan 2009
Posts: 1170
175.56 Dollars($)
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JT
Guest
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| Posted: Sat May 23, 2009 5:33 am Post subject: Personal Residence |
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| If I own 8 rental properties with mortgages and am looking to take out a mortgage on a personal residence, does the limit apply? |
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sunil87020
Joined: 04 May 2009
Posts: 251
-0.05 Dollars($)
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| Posted: Tue May 26, 2009 10:59 am Post subject: |
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| yes you can do that |
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jenkin7
Joined: 04 Jun 2007
Posts: 3421
Location: Hawaii
512.47 Dollars($)
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| Posted: Tue May 26, 2009 11:47 pm Post subject: |
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Hi JT,
The Fannie Mae and Freddie Mac used to allow a borrower to finance upto 10 properties. But last year they changed their guidelines and restricted the maximum number of financed properties to only 4. You may still find certain lenders who would allow you to finance 10 properties. But you will have to satisfy the strict qualifying requirements for that, like you must not have had a bankruptcy or foreclosure in the last 7 years, there should not be any late payments for the last 12 months, your rental income from all properties must be fully documented etc. |
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