Limit on number of mortgages
Hi everyone
I've been doing some investments over the past couple of years, but I'm still definitely learning about RE and landlording.
In addition to my current residence, I've got 3 properties, which are all leveraged, so that's a total of 4 mortgages. But when preparing for the next purchase, my lender told me that they would not give me another mortgage because 4 is the limit.
The amount of actual leverage in investment properties is actually small (about 300k), which I told the bank, but they don't care. "4 is the limit", they said.
Is this just my lender or is it a hard rule across the board?
The lending officer told me about VA Vendi properties, but the selection seemed really poor, when I looked at them, and there were only a handful in California and they were in really odd places.
They also told me that if I moved into another primary residence, and started renting out my current house, then I'd be able to qualify for another mortgage. But, what if I don't want to move?
Is there a way to get around this? Maybe I have to start a business and put the loans under that?
Thanks everyone!