Posted on: 27th Jun, 2010 05:11 pm
I have five 30 yr invetment property mortgages at 6.875% and would like to get a lower rate but am told that investors are only allowed to carry a maximum of four mortgages. Is this legit? The properties don't cash flow much BUT all have 20-30% equity based on 05-06 appraisals.
Ideas?
Ideas?
You can have more than 4 financed properties, just find a broker and they will set you up with the appropriate lenders that do this. The biggest issues will be the amount of equity and you will be required to have substantial reserves.
Is that even legal, what state is this?
Why wouldn't it be legal? Freddie Mac lenders allow for up to 10 financed properties.