Posted on: 16th Jan, 2011 06:22 pm
I own 5 properties, 3 multi-family investment properties with mortgages, my primary residence with a mortgage and one studio that is free and clear. As a real estate investor, I am looking to purchase more properties but most banks are telling me that despite my excellent credit and sufficient income, 4 mortgages is the maximum that an applicant can have and therefore I wouldn't qualify for another mortgage. I have purchased all of the other properties with at least 20% down and I am current on every one of them on top of the fact that they are all producing significant positive cashflows. I plan on purchasing more properties in the same way. Please help.
Thank you,
Thank you,
Hi guyhauptman,
It is true that you will only qualify for 4 mortgages though you've an excellent credit score and extremely good income or you offer 20% down payment. You won't qualify for a 5th mortgage. If you want to get another mortgage, then you will be able to qualify for another mortgage.
Thanks,
Jerry
It is true that you will only qualify for 4 mortgages though you've an excellent credit score and extremely good income or you offer 20% down payment. You won't qualify for a 5th mortgage. If you want to get another mortgage, then you will be able to qualify for another mortgage.
Thanks,
Jerry
Jerry.
I'm not sure I understand what you mean. You seem to be contradicting yourself. Please explain.
Thanks,
Guy
I'm not sure I understand what you mean. You seem to be contradicting yourself. Please explain.
Thanks,
Guy
The FannieMae and FreddieMac limits are actually 10 properties (as of 2009), but most lenders are still using the old 4 property limit.
Wells Fargo & Citi limit you to 4 investment properties and second homes, but you can keep buying primary residences up to the 10 total limit. So you could buy the new property and move into it as your primary residence. Don't cheat though, you really need to move into it and stay there for at least a year.
You might try a "portfolio lender", like ING. They limit you to 2 ING mortgages, but they don't say anything about how many total you can have with other lenders. I think Flagstar, PHH and Provident Funding might work also. Alot of mortgage brokers use Flagstar wholesale.
If you keep looking around, you should eventually be able to find a lender that will let you add to your empire. Good luck!
--steve
Titan Mortgage Alaska
Wells Fargo & Citi limit you to 4 investment properties and second homes, but you can keep buying primary residences up to the 10 total limit. So you could buy the new property and move into it as your primary residence. Don't cheat though, you really need to move into it and stay there for at least a year.
You might try a "portfolio lender", like ING. They limit you to 2 ING mortgages, but they don't say anything about how many total you can have with other lenders. I think Flagstar, PHH and Provident Funding might work also. Alot of mortgage brokers use Flagstar wholesale.
If you keep looking around, you should eventually be able to find a lender that will let you add to your empire. Good luck!
--steve
Titan Mortgage Alaska