Residential mortgage question when I have 5 mortgages already

4 Replies

In a few years I would like to sell my current primary residence and upgrade to a larger home as my family grows. The problem I see is that I have 5 mortgages already with my investment properties. The 5th one I had to do commercial because I already had 4 residential. How can I sell my primary residence and buy another house with a residential mortgage. I would like to keep my primary residential for 30 years and fixed rate.

Will I just have to save up enough PITI reserves and keep my credit good? Can I replace one residential mortgage with another eventhough selling my home would still leave me with 4 total mortgages?

My 5th property was bought with a commercial loan with a separate tx ID under my LLC but I am still the guarantor.

You can get up to ten mortgages with Fannie Mae. Find a broker or bank that mortgages to Fannie Mae.

@Eric Hathway  An individual can have up to 10 conventional mortgages. You should not have been forced to do the 5th as commercial. You need to find a Fannie Mae direct lender how does not have internal restriction to just 4 loans.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

Medium tfsb   fdic   eh   squareUpen Patel, The Federal Savings Bank | [email protected] | (571) 331‑5161 | http://thefederalsavingsbank.com/upenpatel | Lender # National Lender NMLS# 1374243

Thank you both. I guess it just takes some good shopping around.

Thank you both. I guess it just takes some good shopping around. I will still need 6 months of PITI though, no?

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