4 mortgage loans per person

4 properties mortgaged which means HELOC and 1st mortgage counts as one. If you are buying a residence there is no limit according to 2 mortgage bankers I spoke with recently.

Also, commercial bank lenders don't care about the number of mortgages. Relationship, FICO score etc. is what they're interested in. After all they're mostly lending with balloons in 5 years anyhow.

Edited: 06/26/2010 at 07:04AM

C Martinez

Property Manager · Denver, Colorado

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Icon_minipost Jan 27 '09, 05:29 PM

Is this a brand new rule because we took out a 5th loan (home equity line on a rental) in august?

Edited: 06/26/2010 at 07:05AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
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Icon_minipost Jan 27 '09, 06:45 PM

The rules is that you can't get a new Fannie Mae or Freddie Mac loan if you have four or more mortgaged properties. So, getting the HELOC (amazed you could do that, frankly) doesn't bump into that rule.

As Lynn mentioned, there are ways to avoid this rule.

Edited: 06/26/2010 at 07:05AM

Jon Holdman, Flying Phoenix LLC

Lynn Z

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Icon_minipost Feb 01 '09, 08:34 AM

I'm told HELOC and first count as one mortgaged property.

If you're purchasing a residence, lender told me you can have unlimited numbers of mortgages.

Edited: 06/26/2010 at 07:07AM

Ana Hyler

Real Estate Investor · Lincoln, Nebraska

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Icon_minipost Feb 02 '09, 11:10 PM

Lynn, would you please clarify ? I don't understand....purchasing a residence? Do you mean a residence for you to live in? what if they are rental properties?

Edited: 06/26/2010 at 07:08AM

Ben Carmona

· Wentzville/St. Louis, Missouri

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Icon_minipost Feb 06 '09, 07:31 PM

Just in case you guys havent been following the boards recently.

Fannie is now allowing for 10 financed properties.

http://www.biggerpockets.com/forums/49/topics/28238-fannie-loans-1-again-info-link-?highlight=

Edited: 06/26/2010 at 07:10AM

Lynn Z

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Icon_minipost Feb 14 '09, 01:12 AM

BOA lender told me in an email that if you are purchasing a residence it didn't matter how many (investment) mortgages you had. That was before Fannie Mae lifted the restriction on allowing only 4 mortgages.

I checked because two mortgage brokers had told me they were restricted to 4 mortgages regardless.

Edited: 06/26/2010 at 07:16AM

C Martinez

Property Manager · Denver, Colorado

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Icon_minipost Mar 11 '09, 12:23 AM

Ben posted back in feb that this rule was to be lifted. My broker said she has heard rumors but nothing in writing and therefore can cannot complete a new loan transaction. Any help here guys would be appreciated. I am trying to stay loyal but I want to purchase a few more properties.

Edited: 06/26/2010 at 07:32AM

Jon Holdman

Real Estate Investor · Denver, Colorado

11859 posts
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Icon_minipost Mar 11 '09, 12:33 AM

Fannie Mae: Updates to Multiple Mortgages to the Same Borrower Policy, Reserve Requirements, Reserves Definition, and Form 3170

Edited: 06/26/2010 at 07:32AM by Jon Holdman

Jon Holdman, Flying Phoenix LLC